Silver Market Update
The arguments set out in the Gold Market update apply equally well to silver at this time.
Silver is not at such an obvious support level as gold at this juncture. An experimental 300-day moving average has been applied to the silver chart as with gold to see if we have a fit. In the past it fits quite well, as we can see on the 5-year chart, although the standard 200-day works better on the recent reaction.
Like gold, silver is expected to stage a tradable rally soon from about the current level, which, barring an attack on Iran, is likely to get up to about $12.50 before it rolls over again. The parallel stop loss point to that for gold would be failure of the support at $9.50, but as this would result in an unacceptably large loss for anyone buying around the current level, it would make more sense to cut losses in the event that it breaks below the recent low at $10.50, despite their being some risk of being whipsawed out.