Silver: The battle for $32.2 rages on
The silver price action is certainly more entertaining right now than the gold price action. Ever since the silver price broke down on September 23rd there has been a fascinating battle to recapture the 32.2 level.
A quick look at yearly silver price chart tells us why this level is so important:
(Click for sharper image)
In the past 12 trading days the silver price has managed to get above that $32.2 level – but crucially it hasn’t managed to close above this level. Last Friday it looked like silver was going to close above this level, but in the last hours of trading it was smashed back down to $31.12.
Yesterday silver looked again set to close above $32.2, but could only manage a close of $31.1.
Right now silver is at the $31.4 level. However, much like we pointed out in gold earlier, silver seems to be making higher-highs and lower-lows – usually a pretty good indication that a pop higher is on the cards.
Related posts:
- And it’s HIGH-ho silver away – Silver gaps higher to over $44
- Your Silver Stairway to Heaven Awaits
- Silver will be looking to close above $32.2 this week
- The Silver Plan
- Silver Exploding – Gold Silver Ratio Nears 30-Year Lows
Link to this article: : http://www.goldmadesimplenews.com/markets/silver-the-battle-for-32-2-rages-on-5433/
Posted by Thomas Paterson on Oct 11 2011. Filed under Analysis, Markets, Silver News.
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