Silver Market Update – Bears Take a Knife To the Chest

Posted by Clive Maund

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While silver’s 18-month chart admittedly looks awful at first sight, we can see (monday’s) spectacular hammer on it, which is viewed as calling the final low – even if the price does break below this low, it is unlikely to drop back much more. This chart makes plain that the strong resistance at the failed former support level in the $18 – $19 area will be a “tough nut to crack”, but silver could get back above this level surprisingly fast once the tide turns – and it is thought to have yesterday, especially if the dollar goes into a tailspin.



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