SEPT 19 FRIDAY
SHORT TERM TREND : BULLISH
S1 RS 20180 , S2 RS 19760
R1 RS 20580 , R2 RS 20880
WAIT FOR CONFIRMATION.
December silver surged 9% to $12.70 an ounce.
Silver; in percentage terms it managed a 14 percent
rise of nearly $1.50 - said to be the highest intra-day
increase in around 30 years.
Technical factors (chart breakots and computerised tades)
and short covering are also said to be contributors to
the inordinately rapid rise in price.
The precious metals prices have recently been influenced by the stock
markets although now appear to be more influenced by the Crude Oil
market which is now trading near $97, still below its high of last
month near $144. A sustained rise in the Crude Oil will likely
be bullish for the precious metals although a decline in the
Crude Oil would tend to be bearish for the precious metals -
this may be what is happening now as Crude Oil is near
the lowest price in 5 months..
The U.S. dollar was trading lower against the euro and the British
pound Thursday, but higher against the Japanese yen.
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