Commodity Trade Mantra

Posts Tagged ‘Overbought Condition’

Silver Breaks Out: Will Silver Return as the World’s Premier Currency?

Corrective action from July has more than completely unwound the earlier overbought condition & has brought silver all the way back to its steadily rising 200-day moving average, a classic buy spot, where a potential intermediate base has formed. The tight pattern that has developed following the sharp drop early in Oct suggests a “false flag” that will lead to an upside breakout.

Are Silver Price Movements Indicating the Beginning of the Next Upleg?

Silver had a good rally last Friday & this turnaround could mark the beginning of the next upleg. Even if it should head lower again soon, it is thought unlikely that it will drop below the support at and below $18.00, especially as it is underpinned by an important channel support line. Should it drop that low silver would look most attractive.

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