silverseek.com / By Gary Tanashian / December 31, 2012
Seeking Alpha has only 3 entries under the ‘Gold & Precious Metals’ section of its most recent ‘Macro View’ email notice:
- Silver: Another Decade of 500% Returns is Possible
- Silver: Are We Ready Yet for the Rally to $60+?
- Silver is Set to Explode in 2013
To be fair, the second article highlights lower near-term targets prior to a rally to $60+ and this brings me to my point; silver is in a bear flag. I too am bullish on Ag and Au in 2013, but the charts are the charts and silver’s daily chart targets 27-28 first, which we have been noting in the newsletter despite a recent change to a bullish risk vs. reward stance on the precious metals complex.
Bullish risk vs. reward (meaning gold and silver have notably more upside potential than downside risk) is one thing and short-term technicals are another. The short-term technicals say to be ready for a lame rise to the noted resistance level (31 had been important support before its failure) and the potential for a renewed decline to strong support in the 27 to 28 range.