- Technical Market Commentary -

September 14, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The iShares Silver Trust (AMEX: SLV) closed at a new 2010 high in heavy trading on Monday, September 13. Although its sister ETF, the SPDR Gold Trust (AMEX: GLD) is off a bit from its high, the current strength in the metals markets, as well as momentum, point to likely higher highs in coming weeks. In fact, both ETFs may be headed for breakout rallies as the move to new highs has been setting-up for some time.

SLV has broken out of a “pennant” formation that lasted from May into August. Pennant formations typically break in the direction of the prior major trend. In SLV’s case, that trend was to the upside. SLV broke out of that pattern, to the upside, on August 25. SLV’s old highs, made in 2008, are at about $20.62 a share, which will be the target to reach and potentially beat in coming weeks.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

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