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Silver Market Update

Clive Maund
20 October, 2004

Silver behaved as predicted, backing off sharply to test support in the high $6's, and is now well placed to advance strongly in the event of the dollar going into an accelerating decline and gold breaking out above $430, both of which could now happen quickly. Once it is established above $7 to the extent that the $7 level can be relied upon to provide strong support, a rapid and substantial advance will become increasingly likely.

Silver needs to remain above its parabolic uptrend line shown on the 2-year chart to maintain the bullish outlook.

Clive Maund

Clive Maund is an English technical analyst, holding a diploma from the Society of Technical Analysts, Cambridge and living in southern Bavaria, Germany where he trades US markets.

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.

Copyright © 2003-2004 CliveMaund. All Rights Reserved.

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