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It is staggering to think that spot gold prices have rocketed well beyond the Jan 1980 high, while spot silver prices are about 60% off of the 1980 high. Let’s notice that the silver price structure is heading for a confrontation with its long-term resistance line, now at $19.93, which if hurdled and sustained just might be the catalyst for upside acceleration that plays catch-up in a hurry with the advance in gold prices. In any case, my work points to an approaching confrontation with the 1980-2009 resistance line. The ETF vehicle to watch here is the iShares Silver Trust (NYSE: SLV).
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
