silversurfer1
25th May 2009, 06:49
The iShares Silver Trust (NYSE: SLV) gapped up on Friday after Thursdayıs powerful key upside reversal session that initiated a new upmove within the dominent upleg off of the April 17 low at 11.64. The pattern from the April 17 upside pivot argues for still more strength into the 14.80-15.00 target zone.
Apart from the SLV technicals, the ³wild card² could very well be the dollar, which conservatively points to 1.4100 from its current level of 1.400/05, but has measured projections to 1.4500-1.4600. If the dollar continues to weaken and enters a disorderly stage of near-panic selling pressure, then who knows what kind of combustion could ignite under silver (and gold) prices?
Apart from the SLV technicals, the ³wild card² could very well be the dollar, which conservatively points to 1.4100 from its current level of 1.400/05, but has measured projections to 1.4500-1.4600. If the dollar continues to weaken and enters a disorderly stage of near-panic selling pressure, then who knows what kind of combustion could ignite under silver (and gold) prices?