SILVER: LOOKING FOR THAT ELUSIVE BOTTOM

Last week we took a look at potential bullish outcome for gold via an apparent developing ‘head-and-shoulders’ formation. This week, I am taking a brief look at silver which is experiencing terrible indigestion against what is now a 29 month downtrend going back to the May, 2011 high near $50. That downtrend line (shown below at the $25.00 level) will need to be decisively penetrated while simultaneously crossing above the 50 week moving average (blue line) and th 200 week moving average (green line).

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