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Silver Market Update

by Clive Maund, Silver Seek:

The reason for posting a new Silver Market update at this juncture is that we appear to be at an optimum “buy spot”, for gold, silver and Precious Metals ETFs and stocks, as both gold and silver have dropped back in recent weeks to mark out the Right Shoulder low of what is believed to be a large Head-and-Shoulders bottom.

The Head-and-Shoulders bottom in silver is more obvious than the one in gold, as it is more or less symmetrical. It is not down sloping as gold’s is, and has a horizontal neckline which not surprisingly coincides with a broad band of resistance at the top of it, as we can see on the 1-year chart for silver shown below. The silver price has dropped back in recent weeks to mark out the Right Shoulder low of the pattern, which should mean that we are at an optimum buy spot right now with the price very close to what is believed to be the Right Shoulder low.

Read More @ SilverSeek.com

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