Friday, September 29, 2006

Silver – daily and weekly charts

Silver - Poor man gold as some calls it. Silver is one of gold best sentiment indicators. Silver is more volatile then gold, sometimes tend to lead while other times just follow gold. Other then serving as a sentiment indicator for gold, silver is a tradable item by itself.

From a Technical point of view it seems to me that silver (like gold) has just completed an important secondary bottom which is higher then the June bottom. This is good and bullish for both gold and silver. Currently I expect both silver and gold to hold their September bottoms and head higher and retest the diagonal resistance line.

As always, expect and assume the unexpected while trading, at the market place nothing is sure other then fees and commissions.

Silver charts annotated with simple annotations which are self explaining.

Refer to previous posts for more silver charts and Fibonacci levels. As of now no Elliot waves count update.

Silver  daily chart

Silver   weekly chart

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