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Written by Bob Hoye Institutional Advisors
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Wednesday, 16 March 2011 09:39 |
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The pieces of the unending puzzle are coming together in the silver advance. Silver made another new weekly high close at $35.83 on Friday. It was the only commodity to do so. The daily ratio of Silver to Gold produced an overbought reading of 80 in the RSI(14); indicative of a price high in silver within three weeks. The weekly chart of Silver produced an upside Exhaustion Alert, common within the last one to five weeks of intermediate rallies. The US Dollar Index has a weekly Sequential Buy Setup, seen around interim lows in the currency and around interim highs in Silver.
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