Silver ended slightly lower last week. The market is trending sideways, with silver posting gains three of the past six days, while registering three posting losses.
Investor indecision is apparent as silver registered its second inside week in a month last week.
The good news is that silver investors are sustaining its position above the pivotal 100 – day moving average at 31.48. This level will be crucial over the next few weeks as the broader mood has been negative with six of the past seven weeks posting losses. Further selling below the 100 – day average would generate losses to 30.49, then 30.00 / 29.95. A break below this last support would see the market focus on the lows for 2012 once again at 26.14. A break back above 33.27 is needed to underpin and revitalise the market over the medium term.
