I’ve been monitoring subtle changes within the silver market that could mark the beginning of an accelerated uptrend.
- Silver held the May 1st low $16.07 when gold broke down below $1300.
- Prices just closed above the May $16.86 high.
- The Gold/Silver ratio is now below the 200-day MA.
If I’m interpreting the charts correctly, we may be on the verge of a significant rally if/when prices break cleanly above the blue trendline (currently $17.15).
-SILVER DAILY- Silver may finally be coming to life. Prices closed above the May $16.86 high and above the $16.90 upper range boundary. The technical structure is sound, and this could be the beginning of an accelerated uptrend. Note how gold broke below $1,300 (bottom) in mid-May, but silver held the May 1st $16.07 low.
Have a great night.