Glewis54

SLV Resistance Right Where We Expected

Long
AMEX:SLV   iShares Silver Trust
The Fed''s decision to "pause" rate hikes justified the current levels for silver. That may have marked a short term top (SELL THE NEWS) as price touched the top of the lower sloping channel. The monthly chart shows that the recent monthly test of the closing low failed. While prices rallied despite closing lower in November (testing the August closing low), I am expecting another stab at that November closing low. A close above that level at the end of Feb signals a successful test of the low and a good chance for higher prices. A gap up above the channel line changes everything!

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