Price action on Silver (a daily chart of which is shown) as of Tuesday (4/26/2011) has pulled back and begun a bearish correction after establishing a new all-time high just short of $50, around $49.79. The establishment of this new all-time high can be considered simply a re-test of the previous all-time high around $49.50 which was established back in 1980. Overall, silver’s recent rise has been even more dramatic than that of gold. For more technical analysis on silver, please click here for Tuesday’s (4/26/2011) Chart of the Day.
James Chen, CTA, CMT
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