Is silver correcting? Is silver in a new downtrend? Where is silver??
I don't know...do you know? I just don't care...my trend follower is clear about that:
The new buy trigger for SLV ETF is currently set at 29.185.
Technically, silver is in oversold state, with RSI below 30, stochastic oscillator under 20.
One bad thing happenned this week, with silver breaking down the uptrend line it's been developing after August/2010. If this marks a new downtrend or is just a minor correction, only time can tell.
Current support for this down leg is in the 27.30 price level, but I'm not sure if it works, because there are lots os still openned gaps.
Best to your trading,