Silver Market Update

by Clive Maund
Silver Seek

The sharp advance by silver last week was presaged by the late July breakout from the important “inner” downtrend that we had earlier delineated, which had been in force from early March, as we can see on the 8-month chart for silver shown below. So is that it – are we on our way now? – almost, but there is one remaining major hurdle left to clear. Before going on to consider what that is we should take note of the fact that silver is now critically overbought short-term as shown by its RSI indicator, and it has also run into a still falling 200-day moving average, factors which point to a high probability of it pausing to consolidate or perhaps react back somewhat in the immediate future – if it does keep going higher near-term, the advance is likely to be measured. The fact that the 50-day moving average is still some way below the falling 200-day also suggests that some more time is needed before the major uptrend expected gets into full swing.

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