Silver did its duty and plunged upon breaking down below the support in the
$11.75 area. This drop brought it back to the target given in the last update,
at $10.50, which it fell to intraday on Friday. Over the short-term, a period
of up to 3 weeks, silver is expected to bounce, possibly as high as about $11.60,
this being the underside of the former support that is now resistance. Beyond
that, over the next month or two, it is expected to go into retreat again and
dig deeper into the current support zone, possibly dropping as low as the $9.50
- $10.00 area. This should mark the end of the corrective phase in force since
May.
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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