Silver set to climb

SLV closed +0.5% @ 27.75. The daily charts are looking like Silver has built a short term floor, and a rally - at least to fill a few gaps, seems likely across the next week or two. What is clear, there will be very strong downward pressure at the SLV $30 level.


SLV, daily2

SLV, weekly

Summary

The precious metals have seen a very considerable decline in the past few weeks. A bounce does seem very likely..if only to reset the daily momentum cycle.

The 50 and 200 day MAs in the mid 29s will be key resistance for SLV
--

*I am long SLV from the 27.70 level from Tuesday afternoon, seeking at least the low 29s.
--