Silver - Short-Term Downtrend in Long-Term Uptrend

Price action on silver, a daily chart of which is shown, has retreated from the long-term high of 17.625 (hit in mid-September), and has since been adhering closely to a steep downtrend resistance line. This all occurs within the context of a long-term parallel uptrend channel. The noted 17.625 high approached the top of the channel before correcting back down. For more technical analysis on this metal, please click here for Friday’s (10/02/2009) Chart of the Day.