Silver back trading around its 200 daily moving average – still up 24% for the year
Silver certainly wasn’t spared yesterday’s raid in the gold price. Silver fell from a high of $37.5 all the way down to $34.4 – that’s more than an 8% move top to bottom in silver in one day.
Today the price has stabilized and risen to its 200 DMA right around the $34.8 level.
Silver $:
(click for clearer image)
Silver has been the best performing commodity so far this year – until yesterday afternoon silver was up some 28% for the year. After yesterday’s silver raid silver is still good for a 24% rise so far this year.
The next couple of trading days will be all important to let us know if the correction is done – look for a weekly close tomorrow above the 200 DMA for a good signal that this latest precious metals smash is over and done with.
Related posts:
- Gold price back above its 200 daily moving average… when priced in Pounds
- Gold price punches through its 200 daily moving average… but will it hold?
- Gold price breaks down through the 200 daily moving average
- Silver price breaks $34 – now less than a buck from its 200 DMA
- Gold Price Update: 200 Daily Moving Average
Link to this article: : http://www.goldmadesimplenews.com/gold/silver-back-trading-around-its-200-daily-moving-average-still-up-24-for-the-year-6263/
Posted by Jason Cozens on Mar 1 2012. Filed under Analysis, Gold News, Markets, Silver News.
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