Silver is oversold and undervalued now. Falling Wedge broke upwards and started the bullish trend. On the weekly chart, the 21-day SMA will cross the 50-day SMA next week. It means a major bullish trend will begin with expected break of 676-day major Triangle. I also expect a big decline on Gold/Silver Ratio and DXY which is good for silver.
- Formed Patterns : Triangle Pattern, Falling Wedge
- Price Target in Long Term : $44
- Support Level 1 : 22.931-23.066
- Support Level 2 : 22.51-22.97
- Macroeconomic Situation : * Due to the American debt crisis and interest rates will soon fall; individual investors, companies and central banks continue to buy gold/silver.
* The crisis in the Middle East will push the commodity market even higher.