GoldAddict

Silver Holding Support in Rising Wedge...

Long
TVC:SILVER   CFDs on Silver (US$ / OZ)
Silver has been a little overbought in the last month...It looks like it is holding support at the bottom trend line of the rising wedge...I expect it to retest the top of the wedge as resistance and then breakdown out of the wedge for a corrective move over the next few weeks or months...The trend is still up, but for now it will continue to consolidate sideways to downward...I see a possibility of a bottom anywhere from 16.30 to 17.80...then another big move up will follow...the next move up may take some time to develop, especially since it has moved up a little too quickly. I expect the next leg up to surpass 21.00 easily...
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