{"id":6796,"date":"2011-08-19T20:04:48","date_gmt":"2011-08-20T00:04:48","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=6796"},"modified":"2011-08-19T20:04:48","modified_gmt":"2011-08-20T00:04:48","slug":"chart-review-silver-breaks-out-again","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/08\/19\/chart-review-silver-breaks-out-again\/","title":{"rendered":"Chart Review: Silver Breaks Out Again"},"content":{"rendered":"<p>Finally, silver re-awakens. After a near straight-line recovery from August&#8217;s lows, silver broke out with a gap up to new highs for the month.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_6797\" aria-describedby=\"caption-attachment-6797\" style=\"width: 495px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/08\/110819_Silver.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/08\/110819_Silver.jpg\" alt=\"Silver breaks out\" title=\"Silver breaks out\" width=\"505\" height=\"538\" class=\"size-full wp-image-6797\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/08\/110819_Silver.jpg 505w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/08\/110819_Silver-281x300.jpg 281w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><\/a><figcaption id=\"caption-attachment-6797\" class=\"wp-caption-text\">Silver breaks out<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/stockcharts.com\/h-sc\/ui?s=$SILVER&#038;p=D&#038;st=2011-01-01&#038;en=2011-08-19&#038;id=p11444885050\">stockcharts.com<\/a><\/strong><br \/>\n<\/center><br \/>\n<\/p>\n<p>The ETF for silver, iShares Silver Trust ETF (SLV), is of course following a similar pattern. With silver (and gold) being one of the few assets working on the long side, I expect a retest of the April highs to occur relatively rapidly. Stochastics are oversold, so silver might first rest a bit here, but the stampede back to silver could play out relatively quickly. The skeptics and naysayers have done what they can to shake folks out, but it looks like that process has come to an official end.<\/p>\n<p>I suspect the market is anticipating a large catalyst in remarks coming out of <a href=\"http:\/\/www.kansascityfed.org\/publications\/research\/escp\/jackson-hole-info.cfm\">the annual Jackson Hole Economic Policy Symposium<\/a>. Federal Chairman Ben Bernanke is certainly not going to talk about tightening monetary policy. Instead, we can almost be sure he will remind us that monetary policy will remain extremely accomodative for at least two more years and, moreover, the Federal Reserve remains prepared to act even more forcibly if economic weakness deepens. I can almost hear the hum of the printing presses now&#8230;<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long SLV, PAAS, GLD, GG<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finally, silver re-awakens. After a near straight-line recovery from August&#8217;s lows, silver broke out with a gap up to new highs for the month. Source: stockcharts.com The ETF for silver, iShares Silver Trust ETF (SLV), is of course following a similar pattern. With silver (and gold) being one of the few assets working on the &#8230; <a title=\"Chart Review: Silver Breaks Out Again\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/08\/19\/chart-review-silver-breaks-out-again\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[199,58],"tags":[24,431,719,115,25,354],"class_list":["post-6796","post","type-post","status-publish","format-standard","hentry","category-commodities","category-federal-reserve","tag-gold","tag-ishares-silver-trust-etf","tag-jackson-hole","tag-monetary-policy","tag-silver","tag-slv"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Silver Breaks Out Again - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/08\/19\/chart-review-silver-breaks-out-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Silver Breaks Out Again - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Finally, silver re-awakens. After a near straight-line recovery from August&#8217;s lows, silver broke out with a gap up to new highs for the month. Source: stockcharts.com The ETF for silver, iShares Silver Trust ETF (SLV), is of course following a similar pattern. With silver (and gold) being one of the few assets working on the ... 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