Silver price testing key $37.8 level
It’s all go today, we have global stock markets tumbling 3%, gold off 1.8% and now we have silver dropping 4% to a key support level. But for those brave enough is it a time to step in a buy here. Let’s look at the charts:
Silver has been tracking downwards through that channel since the start of September – right now Silver finds itself right at the bottom of that channel at $37.80.
More longer term:
On a longer perspective we’re at the bottom of an upwards channel started back in May. It will be very interesting to see if that $37.8 area holds – failing that $35.39 will have to hold or we could see more pressure coming into golds little cousin.
Charts courtesy of Bloomberg and Paul Wiggins of Market Securities
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