Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Friday, February 02, 2007

Silver's Bullish Chart

You might have to squint to see it on this weekly chart, but we had a bullish close in silver ...
The front month in silver squeaked higher to close above the high it set in September. This opens the door for a run to 14.50, and probably 15.00 beyond that.

Of course, just because a chart tells us this doesn't necessarily make it so. If it was that easy, we'd all be millionaires. But the huge move we saw in oil today -- closing up $1.72 per barrel on forecasts for colder weather that will eat away at stockpiles -- could indicate more heat in commodities.

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