The silver price is making a nice move today toward the target at or just below the SMA 200. I am not saying that 17 needs to have a stop sign but merely saying that’s the near-term target. If one day silver should break through that area we’d confirm that the plunge in March was indeed a massive shakeout, the likes of which precious metals often make before launching a real rally or bull market.
The Silver/Gold ratio is doing fine as well as it held the breakout area and the SMA 50. So it remains supportive macro signaling for many areas of the global reflation trade. Even more so than the nominal silver price however, the bounce is counter-trend.
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