Join our community of smart investors

Silver set to sparkle

The shine definitely came off silver in December
January 3, 2013

The shine definitely came off silver in December, with its price falling 14 per cent within three weeks, says Ragu Dharmaratnam of Baselica Ltd.

However, it has since found strong support around $29.50 (blue line) and a bounce looks to be in order. A recovery above $30.65 could open the way to a move back to the downward-trend line around $34.00. The current daily oversoldness also creates scope for a sharp snap higher.