Silver May Still Have Some Room To Run...
The Dynamic Wealth Report
September 22, 2010
by Justin Bennett, Editor
Just a few short weeks ago, I wrote an article on a technical setup in
silver. It was a promising opportunity and I wanted to give readers a
heads up. Hopefully some of you listened to what I had to say. If you
did, right now you’re sitting on gains of around 13%. Not a bad return
for just over three weeks' time.
In case you missed that article, I’ll give you a quick recap…
The chart for silver was flashing a strong buy signal.
What was the signal? It was one my favorite technical setups of all
time. I’ve used this setup for years with great results.
I call it the low ADX breakout… and it’s really simple.
All you do is catch a market before a new trend starts. Once you learn
to trade these setups, you’ll realize what great low risk/high reward
trades they are.
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Let’s take another look at the silver setup from a little over
three
weeks ago…
You enter a market with a low ADX reading and a supporting technical
pattern. As the market rises (or falls) back into a trend, the ADX will
rise. You can book your profits once the market has moved enough to
cover your initial risk in the trade.
Here’s where we are now…
Now that silver has made the move you were looking for, what should you
do?
Well, if you got in this trade where you should have (three weeks ago),
you’re sitting on a nice profit. You should now move your stop to
breakeven.
But I wouldn’t jump the gun to take profits in silver…
Why?
Silver may have a long way to run. The fundamentals are incredibly
bullish. Given the rising industrial demand for silver, we could see
prices rise steadily for some time to come.
And keep in mind, any indication of rapid inflation could turn on the
afterburner for silver.
But for now, be ready for a short-term pullback…
Silver prices have been going straight up for nearly a month now. We’re
likely going to see a short-term pullback in prices soon. I see any
pullback in silver as a
buying opportunity based on those long-term
fundamentals.
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• Platinum (Over $1,600 an ounce)
Platinum prices are starting to move higher following months of
consolidation. With gold and silver prices surging, it was only a matter
of time before platinum started reacting favorably.
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