Let me update my current favourite metal...Silver!
I will start with the 30 minute chart, and then comment the daily chart. Finally, I will show you the weekly chart and maybe the month if I'm in the mood. In both daily and weekly charts I keep on using the optimized trend follower parameters.
1. 30 minute chart
Here is a picture of the 30-minute chart from the Google Finance website:
As I've said in the last update (http://mytrendfollower.blogspot.com/2010/02/silver_23.html), the SLV was developing a nice support price in the 15.49 level. This was written by Tuesday's close and, as you can check in this chart, in wednesday that level hold any attempt to drop down the SLV. By Wednesday's close I was relying pretty much on the 15.49 level in order to sell the SLV if the price went down that level.
Then, in Thursday's open, the SLV openned with a gap below the 15.49. However, we got lucky and after the price came in above the lower bollinger band (that's a buy signal!), it gained more than 0.6 points in two days only.
Now, the price is topping and a small (?) correction may be in place, at least until the lower bollinger band of this chart (16.0), but the daily chart may have more intell on this issue!
2. Daily chart
Here is the picture with the daily chart and my optimized trend follower feature:
My trend follower status right now is still under a buy signal and it's threshold is about 15.6; see the last two candles...the first one is somehow a very bullish engulfing bar and the last one is another very bullish one in this context, because it's high is 16.22 and this is above the first resistance (16.20). Yes...I know....we need a bigger difference in order to aceept the 16.22 high as if it had passed the 16.20 previous resistance....
So, the resistances the SLV has to pass now are the 16.20 and the 16.47. As a dummy analyst, I would say that, if the SLV goes above the 16.50 level, new highs can be made in the medium term...some weeks further than now. Supporting any attempt to drop the SLV we have the 15.49 level in a first stage and then the 15.0 boundary. Bellow this one sell it!
Technically and in the line with my previous analysis in the blog, the SLV is in bull mode in the daily chart. The only concern here is the lower volume.
3. Weekly chart
The weekly chart is still bearish right now. My trend follower threshold here is 16.58 (vs 16.53 in the daily chart) and the next week may give us a new buy signal, if the daily chart manages to keep on bullish mode. However, I wouldn't be honest if I wouldn't express here my bearish view in this last chart.
The weekly indicators are still weak:
.MACD histogram is still red, but inverting for the last 3 weeks: bearish/bullish
.RSI is still below 50 and showing no positive divergences yet: bearish
.Stochastic Osc: endend this week with a (small) sell cross: bearish
.Volume: falling with rising prices: bearish
.BB: prices are rising from a buy call, since they rised above the lower bollinger band: bullish
.Last candle is a "hammered green doji". Hammers are bullish, but the doji part of it shows some indecision. If had only this thing to play with, I guess I would consider this bullish.
Let me say something about the stochastic oscillator. I think this is one of the best indicators for traders who try to follow swings and trends. However, the problem is that many platforms use different formulas for its calculation and it get's tricky to trade with it sometimes. My point is that, although in this platform the stochastic issued a sell cross, in stockcharts.com and others I see a very bullish cross in the weekly chart of SLV.
Don't forget that Silver and Gold are very related to the Dollar in a reverse proportion. They act as a shelter for Dollar devaluation. So, in order for us to keep seeing a bullish undertone in these metals, the Dollar must continue its devaluation. In the UUP chart, my trend follower is in bull mode, both in the daily and the weekly chart. However, I think a top in both is being formed.