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Silver ETF Just Had a Golden Cross

AMEX:SLV   ISHARES SILVER TRUST
As we cited yesterday, a “weak dollar” trend is taking shape in the currency markets. This has been accompanied by strength in commodities like copper , gold and silver .

The iShares Silver Trust ( SLV ) could be the most interesting today because its 50-day simple moving average ( SMA ) just rose above its 200-day SMA , resulting in a “Golden Cross” for the Silver ETF .

SLV has also squeezed into a tight range for the last 1-1/2 months as copper and gold have run. This creates the potential for a breakout.

Price action has taken the shape of an ascending triangle in the last three weeks. There’s been a series of higher lows and resistance is around $17.

Interestingly, SLV had a similar pattern in April and May before moving above $15.

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nice, thanks
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