Silver - Major Uptrend Alert
Source: Clive Maund, 321gold.com (5/19/08)
Silver is in a strong position to take off immediately, and is likely to, especially since gold has started to lift off.
The technical condition of silver has continued to improve since the last bullish Silver Market update was posted a week ago. This is because it has held above the strong support in the $16 - $16.50 area, and by virtue of moving sideways during last week, it has broken out upside from the bullish Falling Wedge so that it is now in position to take off immediately, and is likely to, especially given that gold has started to lift off, rising strongly on Thursday on Friday. The position of silver, on strong support not far above its rising 200-day moving average, coupled with the strong convergence of the boundary lines of the Falling Wedge just completed are a particularly potent combination pointing to a strong advance very soon.