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4 Hour Silver Chart - update

Published: March 11, 2011 by RssFeed

http://www.traderdannorcini.blogspot.com/
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Bulls were able to blast silver through resistance centered near the $35.50 level forcing out the weaker shorts and propelling the market above $36. The volume was tremendous indicating the panic among the shorts and the strong pressure being exerted by the bulls. Once price moved above the $36 level the same persistent seller appeared and stymied the move higher.

However, if bulls can force price through this level early next week and hold it above $36, this market looks as if it wants to run to $40. Just as $30 was the level that thwarted silver for a while back a few weeks ago, so the $36 level is now serving as a similar barrier.

If it goes, so does silver. If it holds, price might well work back down towards $34 once again and perhaps set up a range trade.

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