Silver Rallying Towards Key Technical Level Again

gold bar, silver bar, gold and silver bars, precious metalsBy Andrew Nyquist
Below are a couple updated technical charts for iShares Silver (SLV). Find more charts and analysis on SLV and Silver spot prices here.

In short, SLV found its legs at the 20 week moving average. The latest rally attempt has the silver ETF nearing the key 38.2% Fibonacci retracement level (resistance). This should prove a tough test for SLV and may require some coiling first.

Technical levels to watch include the aforementioned 38.2 percent Fibonacci level above and the near-term uptrend line below (see daily chart). If the uptrend breaks down, then watch the 200 day and 20 week moving averages.

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Silver (SLV) technical charts as of Novemeber 23, 2012. SLV charts with technical analysis and key fibonacci retracement levels for November and December. Precious metals sector – Silver.


Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

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.