Silver May Play Catch-Up to Gold
Mid-Day Minute for Wed November 25th 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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It is staggering to think that spot gold prices have rocketed well beyond the Jan 1980 high, while spot silver prices are about 60% off of the 1980 high. Let’s notice that the silver price structure is heading for a confrontation with its long-term resistance line, now at $19.93, which if hurdled and sustained just might be the catalyst for upside acceleration that plays catch-up in a hurry with the advance in gold prices. In any case, my work points to an approaching confrontation with the 1980-2009 resistance line. The ETF vehicle to watch here is the iShares Silver Trust (NYSE: SLV).
