Alex Borzak
Silver has recently updated the high at $38.60 and keeps growing in price towards $40, a psychological level. The demand for silver is growing as the inflation pressure and geopolitical instability keep favoring it. However, the main driver of the global market of silver is the high demand for silver shown by manufacturing enterprises.
According to GFMS the demand for silver in 1990 was 273M ounces a year while in 2010 it reached 487M ounces a year. By 2015 the demand is expected to reach 665.9M a year. Tougher ecological requirements for industrial products increase the demand for silver as well.
According to the Department of studying Masterforex-V trading system :
· Silver is moving within wave C of Daily from the Reversal Point $26.37. The uptrend is supported by the MF pivot and sloping channel around $36.47.
· Breaking through the MF pivot 2/2 and the MF sloping channel around $36.47 (once supported by the AO) will complete the mentioned wave C of Daily.
· The MF pivot 2 and MF sloping channel located at $31.98 are more significant support levels.
· Breaking through $31.98, if supported by the AO, will indicate the end of the Weekly wave started at $17.72.
The following requirements need to be met in order to reverse the mid-term trend:
· Breaking through the MF pivot 2 and MF sloping channel
· Pullback towards the “MF Moment of Truth”
· Support of the AO
· Full-grown FZR against the current trend.
Alex Borzak
