Silver price forecast 2013, silver technical analysis for the non professional investors as well as for professional technical analysts

Silver has strong case for a price target $33/ounce in a few months and at least $45/ounce in 1 to 2 years. So comapred to current price, we have a potential of 55% profit. Indian can convert the above price into INR. 1 Ounce=28.35 gram.

Click on the image to enlarge. This is a 5 year chart of Silver ETF which
almost follows silver price.

After crossing above the blue trendline
around $19, it quickly went to around $30 and bounced down. Then bounced back from
around $26 level. From that time, since almost 2 years,
silver has demonstrated a very strong support at around $26(points w,x,y,z). It
also faced resistance at the red trendline. Now is broke out above the red trendline
(point a) and also confirmed the breakout (point b). However we have another
trendline at around $33 (points c,d,e,f,g,h,i) which is acting as a strong
resistance to silver price.
Investent Strategy: Accumulate around $30 levels and buy more
if it dips to around $25 level.
Copyright:  M K Munir , technical analyst .
Contact for advice at mkhalid77@gmail.com
http://drkhalid.blogspot.com

Also see:
Silver analysis -triple bottom -by Clive Maund - showing risk rewad comparison.

Comments

jeremiah81 said…
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great post Dr Khalid, feel free to post at the Silver group on g pluss. Regards Alexander Sognefest
Very interesting chart !! great analysis alhamdolillah...