Silver Bathes In Gold’s Glory
(Click on image to enlarge)
A prescient post on Monday when I suggested silver would be relying on gold for a breakaway from the current congestion, and with gold surging higher, this has delivered the much-needed impetus I expected for silver, with the metal clearing all the levels I outlined in the post. These now look set to provide the requisite platform of support, with only marginal price based resistance ahead in the $18.40 per ounce region and denoted with the blue dashed line of the accumulation and distribution indicator.
Note this is not very thick, so is relatively weak, and combined with the volume falling away on the VPOC histogram as we climb higher and move to $18.60 and beyond now appears achievable, something we would not have thought possible last week.
Disclaimer: Futures, stocks, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in ...
more
Comments
