Silver Rising As Expected

As mentioned earlier... Silver has reached to Target one..


Expect some profit booking here... 

http://predictingfortunes.blogspot.com/2010/09/silver-spot.html

Silver Spot

As per our previous recommendation dated 8^th September, 2010 of going Long on Silver Spot, first target of $ 20.50 has been achieved.

Hence, in our view, profits on long positions (as per our previous recommendation) should be booked at the current levels and fresh long positions should be initiated on dips. Further, if prices continue to hold at the levels of $ 20.50/60 we could see an extended rally till $ 21 – 21.23.

Strong support is at $ 19.81 (Previous top) as seen on the chart above if this support is breach then price could test the next support at $19.40.

Strategy -- Go long targeting $ 21-21.23, with the stop loss closing below $ 19.80