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main1event
11th December 2008, 08:13
Silver is now fully above its 50dma. Clearly the next major line of resistance is $12.00 an ounce. Sure there are few other areas that could be considered resistance but the 200dma is much higher so $12.00 is a good short term target.

BTW, silver is very hard to find again. Places like APMEX have very little silver and gold.

duneyman
11th December 2008, 14:49
According to technical analysis, is silver in a bear market ? After all, it's been below the 200 DMA and 500 DMA's for four months now and both averages are declining.

main1event
11th December 2008, 15:08
There is no question that Silver is in a Bear Market. The real question is are we in a longer term Cyclical bull? Silver has held above $8.00 an ounce so I would say the longer term support is intact, so we are in a longer term bull.

research24
11th December 2008, 15:55
I"d say silver remains in secular bull. The recent drop was the result of the credit collapse and huge deleveraging. My view is that it will soon rebound and go higher than ever.

m.palmer1@verizon.net
11th December 2008, 16:45
I"d say silver remains in secular bull. The recent drop was the result of the credit collapse and huge deleveraging. My view is that it will soon rebound and go higher than ever.

R 24 Do you have a gen. time frame in mind? Also, do you think We'll see any pullback to the 9's beforehand?

SkinnerVic
11th December 2008, 17:44
Ok, I have been reading this and there's one fly in this ointment. We are (at least I think from what I've been monitoring) a slight rally to the end of the year. This is historically commensurate with 1929, etc. Here's the item now being thrown into play: Auto Bailout.

If it dies (which by all accounts the Senate is going to reject it right now), we have the following scenario:

I highly expect the US Markets get pissy and start dumping again, causing more mass deleveraging. That will push up the dollar (if past cycle on this is right).

Conversely, the JPY has been getting weaker (because the Japanese Markets are going up) from their car makers excited to get the US out of business.

Paradox is this: What is the Dollar to do with two opposing forces (increase from US deleveraging & JPY getting weaker)? Should prove to be very interesting for PM.

Watch those stops.