$SI_F Silver takes another shot at $35

By November 25, 2012 Silver Futures No Comments

Silver is near the major resistance level of $35 again on a 2+% move up Friday, November 23rd 2012. Keep in mind Friday was a very thin, abbreviated day and I would like to see the buying continue when the Asian market opens Sunday night, November 25th 2012.

If this move can be sustained, the next major resistance after $35 will be $37.22.

In the chart below, the 50% level of $35.098 is the first long term Fibonacci resistance level. The Fib was drawn from August 22nd, 2011 to June 28th, 2012. You can see where $35 was hit and rejected in September and October of 2012.

The current target on silver is 34.475.

I have been long silver bullion since June, 2006.

Thx,

Dave

Silver near $35

Silver near $35

 

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