With gold and silver prices correcting lower from the highs, what’s next for the precious metals? Is silver heading back to $35 and then to $50, as many precious metals analysts believe? It’s probably a good idea to look at the technicals and the market structure…
The silver percentage chart shows three key silver breakouts. The most recent Breakout resulted from a decade of backfilling and Retests. With the silver price up nearly $10 since February, what are the current important technical levels…
In just one day, not only did Silver BREAKOUT above $30, but it also sliced through $31, closing below $32 for the day. The only way to describe this huge move is a massive short covering rally. Why? Market participants were likely caught on the wrong side of the move due to large silver bullion hedging and not believing the rally…
FINALLY… the silver price closed above $29 for the first time in a decade and is now trading at $30. But what does the Bearish copper chart say about what’s next for silver?? While silver closed near the highs today, the copper price fell nearly 4% from its intraday highs…
The silver price continued to rally after the release, showing an increase in the Producer Price Index this morning. Silver initially sold off but then turned around and surged toward $29 before correcting and then closing near the day’s highs. So, what’s next for the silver price..
The notion that huge Chinese gold demand is driving the price may have some merit after all. According to GoldChartsRus.com, there was a massive $1 billion worth of gold moved into one of the Chinese Gold ETFs just yesterday. Here is the most recent Gold Depositories update as of May…