By
WXY XXZ |
Commodities | Nov 23, 2012 11:36AM GMT |
Silver closed above its 50-day MA this week -- generally considered a buy signal -- which could encourage bulls to add to their long positions. Movement from 3,071.50 could be counted impulsively as shown on the chart below.
On the other hand, according to the wave count represented on the alternative chart, a correction by silver might not be finished and silver's recent rally could be just a final wave of corrective wave [b].
Until further price direction is clear, the best strategy is to forget any bias and stay out of the market. Buyers should be especially careful to avoid falling into a bull trap.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Related Articles