Weakness in precious and industrial metals weighed on silver as the Silver Trust (SLV) broke flag support with a sharp decline Monday. This break signals a continuation of the breakdown from mid November. MACD moved below its signal line to turn momentum bearish. Resistance is set at the early December high.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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