Thursday, November 6, 2014

SILVER: Here Comes Lucky 13?

$13 or not, we could reach some type of low near Thanksgiving
After breaching the lower boundary within a clearly defined 5-month down trend channel, Silver is now struggling to get back above that lower rail.

Nearly a year ago, when silver was trading near $21 per ounce, (26% higher than it is today) we identified a downside price target of $15.15 per ounce. As evidenced clearly in the below chart, we captured this target on Wednesday November 5, 2014 – with only 0.3 cents to spare.

Still outstanding, and the last downside price target we have on public record remains at $13.00 per ounce.
Despite registering lower lows from our previous update, for now, a bullish momentum divergence persists. If the bullish divergence holds, it is likely to spark a short-term rally in the very near future. We’ll see how that plays out going forward. Until then, it is what it is, a bear market – deal with it accordingly.

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Until Next Time, 
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