Silver Recovery Set To Continue

The earlier 2011 fall back in Silver prices found interesting Fibonacci support on the daily and longer term charts and, now, the initial recovery looks well-placed to further satisfy shorter term bulls.

• WEEKLY CHART -CONTINUATION The sharp drop back earlier in 2011 has found support close to a 38.2% pullback level, prompting recovery. Look closer...
• DAILY CHART –Sep-11: Following on from initial 76.4% support in May a period of indecision has led to a breach of 38.2% resistance and erosion of the channel top. A better break through this channel would spur the shorter term bulls with 44.67/45.48 providing a target area.

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