Technicals | Jan 19 2011
By Rudi Filapek-Vandyck
It is an interesting thought put forward by technical market analysts at Barclays this morning: silver has bounced off solid technical support and is displaying various technical characteristics of an asset that seems poised for another rally, while gold seems to be more subdued on price charts. Is silver taking the lead and will gold follow at a lag?
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The analysts are currently looking for silver to break above nearby resistance in the US$30.00/oz area, which would turn the focus towards the US$31.26 high and the analysts' initial upside target at US$33.20. For gold, the analysts are targeting US$1460/1480/oz.
A similar suggesting is being made for base metals where nickel is seen as having broken out to the upside after last night's strong gains. Is nickel in the lead and are the others yet to follow?
In case you read this story through a third party source and the charts are not included, we apologise but technical limitations are to blame.