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Although the dollar is strong and the precious metals and iShares Silver Trust ETF (NYSE: SLV) are under pressure today, my work has been telling me to expect a correction in the complex coming into today, regardless of the reaction of the financial markets to the Jobless data. For me, from a technical perspective, the only thing that matters right here is last Friday’s pivot Dubai low at 17.49 in the SLV. If that low breaks, then technically I don’t have a good reason to stay long – at least from a near-term basis. As long as 17.49 remains intact, the overall bullish pattern of higher lows and higher highs will be the dominant force and pattern governing the 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!
