We’ve discussed the commodity sector a few times in the last few weeks. Silver has now fallen to the previous low set in 2012 as well as a long-term rising trend line with momentum nearing an oversold level. This is the focus of my article for TraderPlanet this week.
The precious metal has now fallen to previous support created in 2011 and 2012. If we take a step back and look at a weekly chart we can see that silver is approaching a rising trend line that was created back in 2003. During the financial crisis of 2008 the commodity was unable to hold the line but regained it in 2010, right before silver rose from $15 to $50.
Go read the rest: Silver Hits Support (TraderPlanet)
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