Mining Stocks, Silver Set for Short-Term Correction

Sunshineprofits.com reports Mining Stocks, Silver Set for Short-Term Correction:

Based on past trends for similar length rallies, there is a good chance we will see a sharp decline in silver’s price very soon given volume this big. A likely target level for this decline will be in the $20 to $21 range for the SLV ETF, slightly higher than we have stated last week. There are few bullish signals at this time except for silver’s price action itself. The bearish influences of the USD and the general stock market cannot be overlooked. As we stated in our pre-update message this week, “Silver is two days after its “close to the top” territory and slightly above the level created as target based on post-breakout-rallies. The deviations are not big enough for us to consider them as invalidating points made earlier.”

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