Silver trading in a firm downtrend channel

29/11/2011 00:00 AST

After a near 3 year uptrend channel, Silver prices have turned down and is trading in a down trend channel established from its May highs of $50.

Shown below is a logarithmic chart of silver.

Prices have rebounded from its 100DMA (Daily Moving Average) and found resistance at its 50 DMA. Unless the 50 DMA is pierced upwards, a long term trend cannot be established. The resistance from 50DMA may also indicate that the imminent trend may be bearish.

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