Silver Market Update

By: Clive Maund | Wed, Jun 14, 2006
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Silver at least had the decency to give us much more warning than gold that it was going to cave in. It marked out a rather fine Head-and-Shoulders top, although the "Right Shoulder" was deceptive as it was very stunted - we had been been looking for a larger one, but remained aware throughout that a break of the neckline of the formation at $11.50 would lead to a rout. Despite being now at strong support, we could see more downside in silver before the decline is over. Another warning was the number of commentators touting the "wonderful fundamentals" of silver.

 


 

Clive Maund

Author: Clive Maund

Clive Maund,
CliveMaund.com

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maunds opinions are his own, and are not a recommendation or an offer to buy or sell securities. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.

Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.

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