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Long

Silver (SI) Bottoming on Weekly Chart

COMEX:SI1!   SILVER FUTURES
Silver             , like gold             , is forming a significant bottom as its weekly and daily RSI , Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, silver             has been trading within a price range that previously saw consolidation activity in the summer months of 2010 before silver             skyrocketed to near 50. I`m not suggesting similar upside but at the very least, a respectable initial upside target in the 18.5-19 zone where previous support had been found in the first half of this year, which will likely coincide with the massive downtrend resistance line (as seen connecting the May 2011 peak to the July 2014 top). Feel free to visit http://stks.co/h198G for today's technical analysis on $GC_F, $SI_F, $USDX, $EURUSD, $USDJPY             , $GBPUSD, $NG_F, $CT_F, $ZC_F, $ZW_F, $SB_F, $KC_F.

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Very similar to what I said here:
Silver Open Interest Reach 2008-Levels, Speculators Remain Short


Gold and silver (and the dollar) are acting like they did just prior to the Fed implementing QE1. It is interesting how this happened just prior to when the Fed is suppose to end QE. Now, we find that the Fed will stay in the game. We are likely to see an end to significant downside.
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