November 23, 2009 11:37 AM
Silver - Hitting New Highs at Top of Uptrend Channel
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Price action on spot silver, a daily chart of which is shown, has reached the very top of a key parallel uptrend channel, in the process hitting a new long-term high (just short of $19). This high at the top of the parallel uptrend channel also coincides with a 161.8% Fibonacci extension of the bullish run from $16.06 to $17.73 early this month. The current bullishness in silver mirrors the phenomenal run that has occurred in gold, as the latter hits progressively higher all-time highs. For more technical analysis on silver, please click here for Monday's (11/23/2009) Chart of the Day.
- James Chen, CTA, CMT
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