Tuesday, January 9, 2007

Is Silver Getting Ready To Drop In Price?

With all of the bearish precious metals analysts out there recently, I decided to take a look at the chart of Silver. Silver broke out of a symmetrical triangle in November of 2006. Since then it has fallen back down toward its rising trend line where it looks to be testing support slightly above $12.00. Now take a look at the lower chart indicator. I have circled where it has been in a historical buy zone. It is there again right now. So, while all I can find are prognostications of a collapse in commodities and precious metals, it would appear that we are at an ideal buy zone for silver.