Chartology: Silver Bounces Off Critical Support

Over the past year, Silver prices have tested critical support near 25 dollars three times. Question is, will it hold again? And is three times really a charm? No doubt bulls and bears are eyeing that level — you should too. The wedge is tightening and a larger move appears likely in the coming months. Note Silver is also near its 4 year trend line on the weekly chart.


silver prices

 

silver price chart

Silver price chart with support and resistance levels as of July 3, 2012.  Important support for Silver at 25 dollars. Silver index stock ticker SLV. 

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No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

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