May 19, 2008 Silver - major uptrend alert Clive Maund 321gold . . . Inc s

Silver - major uptrend alert

Clive Maund
Posted May 19, 2008

The technical condition of silver has continued to improve since the last bullish Silver Market update was posted a week ago. This is because it has held above the strong support in the $16 - $16.50 area, and by virtue of moving sideways during last week, it has broken out upside from the bullish Falling Wedge so that it is now in position to take off immediately, and is likely to, especially given that gold has started to lift off, rising strongly on Thursday on Friday. The position of silver, on strong support not far above its rising 200-day moving average, coupled with the strong convergence of the boundary lines of the Falling Wedge just completed are a particularly potent combination pointing to a strong advance very soon.

Now we come to the question of whether investors are better off deploying funds in silver itself or in silver stocks.

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Clive Maund
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Clive Maund is an English technical analyst, holding a diploma from the Society of Technical Analysts, Cambridge, England. He lives in Chile.

Visit his subscription website at clivemaund.com. [You can subscribe here].

No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.

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