Silver Price Forecast: Silver Market Update
http://hubertmoolman.wordpress.com
Posted on Friday, February 24, 2012
On the chart, I have drawn a significant upward sloping resistance line (red line). Silver has now reached that line, trying to breach it and stay above it. It has also reached the top resistance line of a big flag pattern. If the silver price gets through these resistance lines, and stays above them, then it is likely to continue its rise, but likely in a more accelerated manner.
These resistance areas can be very tricky. Price can often react in a violent manner downwards; however, there are no certainties.
What silver will do at these resistance areas is a short-term problem. From a longer point of view, it is clear to me that silver is going much higher. Eventually, it will successfully break out of the big flag and spike upwards past the $50 level.
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