Silver Update!
In mid-December after hitting a low of around $15.60 an ounce, Silver has found some footing and is experiencing a strong uptrend. At the end of December, it easily crossed 16.61 and the 16.88 resistance which has now become a key support. Following along the 16.88 support, the recent bullish trend has provided additional support encouraging Silver towards recent highs. Most recently, it challenged resistance at 17.70 coming just short and finding support again with the trend line. In so doing, we have formed a bullish flag. If we can continue to follow the trend, using it as support, we should come off the other side of the flag to again challenge 17.70. In the last week, we have also seen increased bullish volume. Pair all of these with a MACD cross that seems to be setting up and Silver could very well gain some long overdue gains, pushing over $18.00 an ounce by the end of the February. If this holds true, that would be over a 13% gain from mid-December to March. I'm not making any suggestions here to anyone else, but I'm buying Silver! With the stock markets being pumped as much as they have been and interest rates gradually coming back up, I expect that at some point in the near future things are going to look a little bit different in the big scheme of things. As that happens I expect more money to flow back into both gold and silver, as history has shown many times. I think this new trend is just the beginning of good days making its way back to silver.
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