Silver – A Technical Perspective

Summary: When will silver go higher? The honest answer is nobody knows. According to this analysis from SilverSeek, silver will not see sustained higher levels until it can hold at the $26 level. A small 8-week base is currently being retested by a small trading range. If a trading range holds above the previous one, we could be in the beginnings of a new bull market. But since silver has been in a downward trend for so long, it could take some time to develop into a more bullish market. Other technical charts show buyers being quite responsive once silver hits a certain low, which indicates that chances are pretty good that support will hold. The bottom line: physical buyers need to keep stacking and futures traders need to pick their positions carefully. Read more…