Silver Chart - Bullish Cup-and-Handle Formation
By Kristina Zurla Landgraf • May 21st, 2009 • Category: Broker Commentary, Market UpdatesMetals closed up on Wednesday, supported by a weaker U.S. dollar and worries about inflation. COMEX July gold futures rose above $940 an ounce and closed up $10.70 at $937.40, while July silver ended up 15.50 cents at $14.28 an ounce. Lind Plus Senior Market Strategist Phil Streible says the charts show more bullish potential for silver.
“From a technical standpoint, there is a nice cup-and-handle set up in silver, and I think prices should start shooting upward. You might want to consider call spreads in December,” he said. (Right click, “view image” to enlarge chart below)
