Gold futures are up and silver futures are up bigger. So the Silver/Gold ratio is still playing ball tonight by keeping its bounce going. But nominal silver has work to do as well. It is on its horse and needs to keep riding.
At 9:50 US Eastern time it was right on the magic 14 (monthly) resistance line. Here’s the daily chart.
Silver weekly chart, tucked right up on that line.
And finally the monthly, which shows the long-term support that would pull at silver if it does not paint this month’s breakdown as a head fake and whipsaw. Recall we originally noted that we want to see a tail put on that candle within March. Silver is trying to do that now.
It needs volume now, but if this turns out to have been a head fake that would be the type of move that can start a bull market. That washout type thing that gets we charties’ underwear all in a bunch before reversal.
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