Welcome To The Golden Minerals HUB On AGORACOM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Dan Norcini on silver
http://traderdannorcini.blogspot.com/2011/09/silver-weekly-chart-and-annotations.html
Silver - Weekly Chart and annotations
Silver tends to get harder than gold during bouts of risk aversion related selling. That was made evident today as the metal lost nearly 10% during the session. Potential buyers who had been active on dips below the $40 level and ranging down towards $39 stepped out of the way of the herdlike fund liquidation removing the buying support beneath the market that had been putting a floor there.
There are several minor bands of support between the present level and the critical $32.50 region. Whether it holds those depends on the extent of further risk aversion related selling. As long as this market holds above the $32.50 region on a weekly closing basis, it will be okay and will continue to consolidate, although within a larger range.
If it fails there, the potential for a move towards $30 becomes likely.
Bulls need to take price back above the $40 level to shake the confidence of the bears after today's rout.
If it fails there, the potential for a move towards $30 becomes likely.
Bulls need to take price back above the $40 level to shake the confidence of the bears after today's rout.
New Message
Please
login
to post a reply