July 6, 2011
Shares of Ishares Silver Trust (NYSE: SLV) closed at $34.63 on Tuesday, July 5, reaching an important resistance level.
Since SLV’s dramatic early May decline, the ETF rallied to the end of May and has since been slowly easing lower with intermittent rallies.
There have been four rally highs since the end of May. May 31, June 9, June 22 and July 5.
If you draw a straight line through these highs and to the right of the chart, you get a declining trend resistance line.
All attempts to rally above this declining line have failed.
Should SLV manage to make a decisive close above this line, we could see a sustained advance for silver in coming weeks.
Currently there is support at SLV 32.63.
Support is currently at $30.00.
http://www.fibtimer.com does not currently have a position in Ishares Silver Trust.