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September 15, 2010, Silver: In full swing

The daily chart of Silver shows that the white metal traded in between two converging lines. In terms of price pattern, this was a triangle which has been broken on the upside. With the bullish breakout, Silver has surpassed the trendline from crucial highs (yellow). The daily Bollinger Bands are assisting the upside move. Thus the precious metal is set to test the all time high ie $21.24. Strong momentum on the upside indicates that the bulls can potentially cross the high with an intention to meet the upper channel line (blue) ie $22.5. On the downside, the swing low of $19.65 is a key support for Silver.

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