Silver Is On Fire
The iShares Silver Trust(NYSE:SLV) has show exceptional strength since January 25, 2011 when it traded as low as $26.00 a share. The SLV has now rallied higher for three consecutive weeks without having more than a two day pullback. Today the SLV is making a new 52 week high. The daily chart is now starting to get a little extended and may need to take a breather soon by pausing or pulling back. Intra-day the SLV will have some short term resistance around the $31.25 and $31.50 levels.
The SPDR Gold Shares(NYSE:GLD) is also trading higher today by $1.00 to $135.09 a share. The GLD has shown strength since late January when it traded around the $128.00 area. However, the GLD is still trading below its early December all time high of $139.54 a share. Please note that the SLV is signaling better relative strength than the popular GLD at this time. The GLD will have intra-day resistance around the $135.50 level.