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The Chip Board Archive 24

NCR What silver is doing...

I know there are a few collectors who are interested in what the precious metals prices are doing recently. Here is a Kitco silver technical chart that I find interesting. Note the "golden cross" pattern recently where the cash and short-term average lines have crossed above the long-term average. Could indicate a significant bottom in the silver market. Spot price today in New York is over $17 an ounce. Blue and green lines represent the 14 day and 200 day moving averages.

Comments on the silver charts from an analyst on the Kitco site:

May silver futures prices closed nearer the session high today and hit a 10.5-month high. The silver market bulls have the firm overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.395. First resistance is seen at today’s high of $17.255 and then at $17.50. Next support is seen at today’s low of $16.855 and then at $16.50.

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NCR What silver is doing...
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