Silver Bulls Back In Control, Must Remain Cautious - iiTrader

New York (Feb 13)  Silver broke out of a wedge Friday and iiTrader’s Bill Baruch says it seems to be taking a ‘one-way ticket’ up to $17.40 an ounce, while gold is being held back from further gains. “An initial drop in the dollar Index following better than expected GDP data out of Europe was supportive to gold though technical resistance kept the metal in check as well as what has become oversold conditions in the dollar to finish out the week,” Baruch says. “March silver just broke out of its coiling wedge pattern and appears to be on a one way ticket to 17.40. A close above here will lead the way towards 17.88 and then ultimately 18.80,” he adds. Although silver is picking up steam, Baruch says the silver bulls shouldn’t celebrate just yet even if “this morning’s early action has the bulls back in control.”

Source: KitcoNews