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Silver still struggling with supply, but demand (support) slowly becoming evidentClif Droke
SSR snippet Below is an extract from Clif Droke's latest Silver Strategies Review The price of silver is currently hovering around the $6.50 level as this is written [Feb 9], just barely above the 60-week moving average and secondary uptrend line mentioned in last month's report. Silver is still struggling with supply, as the above headline suggests, yet there are indications that silver is becoming deeply oversold on an immediate-term basis and may be primed for a relief rally in coming weeks. While we discussed the importance of the 60-week MA in the previous report, we neglected to pay tribute to the even more dominant (and important) 90-week moving average. [450 red line] This particular MA is the underscoring indicator for the dominant intermediate-term bias and trend. When the 90-week MA is still rising with prices above it, it indicates that the dominant interim trend is still relatively healthy and reflects the continued presence of upside momentum. This is where silver is presently receiving much of its support from and you can see the powerful influence of the 90-week MA in the chart below. Lots more follows for subscribers, including analysis of 31 silver stocks. You can subscribe to the Silver Strategies Review here,
--Clif Droke
321gold Inc |
