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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Aug 14, 2009 11:09 AM Flag

    I think silver broke out yesterday

    Silver most definately changed trend from downward to upward yesterday. I think the leading contract on silver needed to close at roughly $14.71 to confirm a trend change but instead closed at almost $15. This is pretty powerful.

    It suggest silver will begin to lead gold over the next few days.

    Those who know me, know I don't trade SLW, it is my one real buy and hold. But I think today is a pullback in preparation for a larger rise in the next day or two. I'm thinking about deploying a dime for a trade on SLW.

    I'm thinking 15.50 silver is realistic.

    This move coincides with traditional strong period for PM moves. Traditionally last two weeks of august into autumn is the "take position time". 5% on SLW may just be the beginning.

    All begins with the dollar however and it put in a fairly unusual pattern on the chart. 5 Days ago it broke back above a price point after seemingly having failed days prior. Today, its hovering very close to failure again.

    I suggest waiting for the absolutely confirmation from the dollar monday to figure out whether to deploy to SLW's move up. Incidently, check the swiss franc, euro and canadian $ chart, they looked like they gave a head fake two weeks ago towards a breakout but fell back and have consolidated nicely for a another attempt upward. Higher lows. if they succeed in popping upward, the dollar will tumble and PM's will rise.

    Incidently, i put a couple of dollars in ivanhoe mine a couple of days ago. I'm seeing a nice setup in ivanhoe mines (gold), its not overbought, bounced off a support zone that's held for 5 months. I bought it independant of the dollar because it just seemed sooo strong.

    I'm locked and loaded

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27.54-0.28(-1.01%)Sep 26 4:02 PMEDT