We’ve covered the status of Amigo #1, Gold: It broke upward from the post-March consolidation.
We’ve covered the status of Amigo #3, Copper: Still rallying within a larger downtrend.
Here’s a post where metallic Amigo #2 gets his own space.
I have not cared for the short-term daily chart pattern but as of this morning it is holding above the EMA 20 and support at 17.45. Very key support is at and just below the converging 50 and 200 day moving averages. Resistance is self-explanatory. If the silver price can break through 18.90 and hold it much higher levels would be indicated. Daily RSI is neutral/negative as it trends down short-term but is above 50.
The weekly chart shows the bloody shakeout below critical support and reversal in March that led to a snap back to the previous high, and notable resistance. It also shows a neutral/constructive weekly RSI (I use moving averages in RSI to get a feel for the trend). As NFTRH has been noting for years, a bull market does not get declared until silver crosses 21.23 (as gold did when it crossed 1378 last year).
Finally, the big picture is one of a massive Cup with a Handle that has been a puke fest for silver bugs since 2011. I continue to hold open the idea that the March whipsaw may have been a final shakeout of the bear market. I am not raving silver bull, but even a modest cycle could bring the silver price to clear resistance at 26.
Subscribe to NFTRH Premium (monthly at USD $35.00 or a discounted yearly at USD $365.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.