((( GOT SILVER )))

The Chinese Start Buying Silver: BofA Says "Momentum Breaks Out To Highest In Years"

The buying accelerated this morning, when ongoing demand for the precious metal pushed it to fresh 10 month highs above $17/ounce. One reason suggested for the buying came from Reuters, which said "that there is heavy buying in silver in Shanghai

This may just be the beginning as technicians are finally starting to pay attention.

Here is the just released report from BofA technical strategist Paul Ciana, who highlights the key chart observations:

Silver breaks through neckline of head and shoulders bottom

The price breakout up through the Ichimoku cloud and horizontal neckline at $16.10 points silver back to a historically important area of about $18.59. The Ichimoku cloud is also nearing a bullish cross while MACD just turned more bullish by crossing above zero. Momentum as defined by RSI broke out to its highest level in years suggesting momentum supports this trend.