Ten Year Live Silver Chart Shows Possible Major Trend Change

admin — Tue, 14 Apr 2009 19:08:42 +0000

Image courtesy of Kitco.com

I was checking out historical charts for the past 10 years and saw what I think could signal a major change in silver prices. A shown in the picture it can be seen that the major stochastic is crossing the minor stochastic trend line which hasn't happened in years. Looking at the overall trend up until last year when silver dived below $10, but has been slowly reclaiming its climb back to where it was. At just under $14 we see this change in trend lines, and although currently silver is a little uncertain of where it is going, once a major breakout occurs it should signal a new upwards trend.

In the chart if you look at the black trend line I drew you see it creates a resistance at about $13-14, right where silver is currently sitting at. This is the trigger to watch.

Gold's charts seem hard to read right now, but I believe it is because many inexperienced people are getting in this market, causing for erratic movements that can not be charted well, plus many large funds and the IMF ridding of gold. But silver however looks stronger and is less prone to manipulation by larger sources. My opinion is it will climb up to around the $17 mark, recede back to the $14 mark, and then jump up again, this would be a signal to climb in the market.

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