Silver Interesting Again?

After today’s impressive move in precious metals, both gold and silver, I thought I would put a blog focus on silver – more specifically, Canadian silver mining companies.

The primary chatter was around SLV, of course, and, yes, the SLV chart does look pretty impressive and primed for more upside.  The problem is that no one understands silver right now and I believe it might struggle to bring in the high volume we saw in April and June necessary to push it back into the 40s.  However, we should watch it.

SLV – today’s gap up pushed SLV right up to the top of the descending triangle and falling channel on the daily chart, but volume wasn’t that of a breakout.  To push through tomorrow, or anytime soon, we’ll need volume.. lots of it.  But, the chart is looking ready with an intermediate target of 37.60.

If you’re not playing silver via SLV (via option calls), then here are some Canadian Mining Companies worth watching (there are some gold miners mixed in here, as well):

AG – Strong move today through moving average resistance levels on good volume.  Watch out for the head and shoulders reversal, however.  I would wait for a move above left shoulder (1.) before considering long.. at this level, it may eliminate the head and shoulders pattern.

AUY – This is the weekly chart of AUY.. kinda cleans up the picture and reduces the noise on the daily.  AUY is currently testing the top of the falling channel and might make for a new swing leg up if it can get above – I would say around the 12.40 range.

EGO – another weekly chart showing a clear falling channel.  A break above could move it quickly to 18.60

EXK – Nice falling wedge on daily chart.  Watch action at sma100.. needs to get through to confirm wedge has been broken.  Target at horizontal resistance just under 10.50.

IAG – another falling wedge.  It has some room to go before it breaks out, so this may not be an immediate play, but watching.

NGD – Testing horizontal resistance.  Nice general uptrend with SMA200 support.



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