Silver is now trading at US$33.37 an ounce. This is below the 100dMA which is at US$ 34.43 an ounce. This is the second time in the last one week to see the 100dMA broken.
Will price close above the 100dMA again this time round? If price were to close below the 100dMA, we could see lower prices in the sessions ahead. Could we see a test of the 200dMA at US$28.67 an ounce?
The MACD has declined into negative territory. Momentum is clearly negative. However, if the 200dMA were to be tested and if it were to hold up, buying more at that level is probably a good idea. Compared to the low of late January 2011, it would still be a higher low and the longer term uptrend would still be intact.
UOB is selling silver at S$ 41.67 an ounce today.
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