Silver Update – Short-Term & Long-Term Charts

Silver is looking strong and continues to outperform Gold – it actually gained 21 cents last week while Gold fell $37 an ounce or 2%…the $33.50 area has proven to be strong support for Silver recently (it has two other very strong support bands between $30 and $32), and $33.50 is also just above the rising EMA-20 which is currently sitting at $33.21…below is a 9-month daily chart from John…after some strong selling pressure most of October and into early November, buying pressure has been increasing significantly recently…at 56%, RSI(14) is currently in decline but has a good chance of finding support at or just above the 50 level…next major resistance is $35.50…

Silver – Long-Term Chart

Based on historical trends, there’s an excellent chance that RSI(2) could once again climb into overbought territory for an extended period in the near future, so this bodes well for a potential Silver rally through the end of the year and into the first quarter of 2013…”Wave 5″ continues to progress well and the ultimate Fibonacci target (no timeline) is $78 an ounce…

 

Source: http://www.bullmarketrun.com/?p=12303

 

Guy