Silver Maintaining Its Shimmer
The conversation isn't getting old yet.
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Sometimes I feel there's so much to talk about and very little time – but on the positive side, that's how any relationship should be. Having all the time in the world and nothing to talk about would be quite dreary.
In that spirit, let's talk about Silver ETF (SLV), which we already analyzed on July 14th and concluded:
"I'd get really excited about the possibility of a sustained bounce higher only when SLV regains that breached level and moves higher toward -- and eventually above -- the uptrend line."
And yesterday, SLV cleared that upside resistance we talked about. The next target is the 2009 highs at $15.75.
Click to enlarge
On June 3, we had taken the opportunity to get out of profitable long positions as that resistance was tagged for the first time. Now this is the third time since then that price is knocking at that downtrend line.
Real breakouts often offer a second chance at buying; in this case it would be is SLV retreated to $14.7, on low volume.
In another note coming up on the Buzz, I'll share my thoughts on how SLV is the new Gold ETF (GLD) in Indian jewelry demand.
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