Friday October 22, 2010 - 13:48:35 GMT
Share This Story
Forex Hound - www.forexhound.com
Silver Price Still Correcting
The firm Dollar is helping to keep downside pressure on
December Silver. This week the Greenback has shown signs of bottoming which is
encouraging investors to pare positions.
Volatility is also a little higher as risk sentiment appears
to be shifting. Uncertainties over the size and shape of the Fedâ€™s expected
quantitative easing package continue to be the force pressuring this metal.
At this time Dec. Silver is walking down a Gann angle from
the 24.95 top. This angle falls to 23.99 today.
The pressure to drive this market lower increased on
Thursday when the market crossed to the bearish side of a short-term
retracement zone at 23.66 to 23.36.
The main trend is still up but will turn down on the daily
chart when 22.35 is broken.
The longer-term chart identifies a 50% level at 21.37 as the
next downside target. An uptrending Gann angle at 21.15 is another potential
So far the break has been orderly although the moves seem a
little bigger. Panic selling hasnâ€™t set in yet.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."