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Silver Bulls: Downtrend Still Winning

|Includes: iShares Silver Trust ETF (SLV)

There are some really good articles on silver and gold here on Seeking Alpha at the moment. The one's I like the best are bullish. And I am a precious metals bull. I own both physical and paper (via AGQ) and some miners.

So, as a "bull" why am I bearish?

That's easy. It is because I am also a chart guy. Many metals people are.

So here is why I am bearish.

The downtrend line is longer, is more powerful, and has been tested more than the support line. The support line shows little energy as compared with the down-force of the downtrend line.

When the price action clearly breaks the downtrend line, I will review, and perhaps change my feelings. Until then, the bear dominates, as I see it.

*Source: My favorite chart site:

Disclosure: I am long AGQ, SLV.

Additional disclosure: I am modestly long several miners as well as AGQ and SLV.