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Silver: Price formed another lower high.

Staying cautious on silver has been the right thing to do. The declining 50dMA seems on track to forming a dead cross with the 100dMA in the near future with silver's price forming another lower high this week, closing the week at US$ 33.70 an ounce.

All eyes are on the 200dMA and whether silver's price could stay above this long term moving average. If the support holds up, we could see bulls coming back with a vengeance. If the support breaks, the bears could have a field day. The 200dMA is currently at US$ 31.71 an ounce.

A quick look at the weekly chart shows that the uptrend is still intact although the momentum has clearly weakened. RSI has gone under 50% which was acting as support. A lower low on the MACD is a forgone conclusion although it is currently still in positive territory.

I am maintaining the status quo. This is a time of waiting and could be a most unbearable period. A time to add to long positions would come and that is probably when the supports provided by the longer term MAs hold up. Till then, I just have to sit tight.

Related post:
Silver: Trying to find a base.