29th April to 5th May 2012
Buy silver at 31$ or below with appropriate money management hoping silver price won't be able to clost below 30.45$ and target any higher price . For this strategy trail the developement of gold price and dollar price footing.For the long term technical view basis, , silver is shaping a large tentative reverse Head & Shoulders pattern which may spark an important bullish run in coming weeks.Regarding technical indicators, the daily RSI is bouncing off a key rising trend line while the daily MACD is pushing above its signal line providing another support for a bounce in coming days. On this strategy, : Buy @ $30.45 - Stop loss @ $29 - Target @ $35.95
Silver price was some what nervous last week, in one way silver price was tracking gold movement which was hard to predict last week for silver markets. Higher Global inventory of Silver and strong dollar sentiment pushes silver price down and down.In the week ended 27th April the price difference in gold and silver has widen, if traders fill that gold price will continue rise then it is wise to buy silver now around 31$. In the chart above , silver has not claim bull market yet. This is the right time for buyers to enter the bull market keeping close eye to the key price level. I feel so for 31$ and 30.45$ remains above silver price will target 32.40$ and higher via breaking 31.70$ price level. Hence with money management at 31$ or 30.45$ we recommend to buy…..Sellers can find any suitable price to trade near 31.70 and stop loss around 31.90$... This 31.70-31.90 is break in and out level there traders must be careful here.