With gold attempting a breakout to higher-highs as it challenges its April highs, a word about silver and the SLV is certainly in order. We tend to think that gold will drag silver back to the upside with it, and to this end we note the possibility of a pocket pivot buy point at any time here as the SLV tracks along its 50-day moving average, as can be seen in the daily chart of the SLV below. Should the SLV push above its 50-day moving average today on volume that exceeds yesterday's 32,289,700 shares traded, the highest-volume down-day in the pattern over the prior ten days, then a 50-dma pocket pivot buy point would occur. We are watching this closely as the SLV approach 25 million shares trade on the day at 11:42 a.m. Pacific Time.
PPR - The SLV Step-Child
|Published:||12 Jul 2011 18:44 ET|
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