Silver broke down from a Head-and-Shoulders top area and its decline culminated in a capitulative panic, identical to that in gold, that has brought it down to a parallel zone of strong support in the vicinity of its 200-day moving average, which is a classic “buy spot”. Like gold it is believed to need a period of basing around the current level, that may last for a month or two, before it is ready to go up again. Note that silver may dip a little further short-term, perhaps close to $9, which
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06-19-2006
Silver Market Update
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