Silver continued its decline in the past week. So far nothing extraordinary and thus silver remains in a "pullback" phase of an overall uptrend.
An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS.
The UPTREND is better seen in the Weekly chart.
Silver rallied from it's LOWS in late October and rallied into previous resistance and has pulled back from there to CLOSE today at $23.67.
Is there anything on the CHARTS that could upend the uptrend?
Easy, from a technical standpoint, IF silver breaks below the prior low of $19.83 then the uptrend is upended and silver falls into a NEUTRAL trend.
Gold decided to follow silver to the downside as of late, sliding into a NEUTRAL postition on the Daily Chart, having posted a HIGHER HIGH and now a LOWER LOW.
On the Weekly Chart gold remains in an UPTREND with HIGHER HIGHS and HIGHER LOWS. A trend that will be broken if gold slides below $1810.00.
Notice how gold rallied into previous resistance and has since pulled back.
source: JM Bullion
The premium on American Silver Eagles has backed off a bit but remains rather HIGH at $19.00 per ounce.
The precious metals are facing headwinds as the Summer Months approach. Summer is usually a time of year that the precious metals sell off, so "caution" is the word of the day.
Who knows? Better deals for stackers may be just ahead.
Peace out and stack on!
I love a good SALE!
"4,272 coppers fur an ASE?.........."
'Att's a fool's game!" 😄 -Keptin
Too bad the Copper is mostly Zinc now! :) The Revenge of Old Copper Nose Himself, mucker!
"Blimey! Whit uir th' colonies up tae?!" 😬 -Keptin
I think $19.00 is possible with Gold staying above $1900
Recession moves lower in the metals with Gold bucking trend possible. 100-1 Ratio return bot outta question!
I'm so happy actually, I can catch up 😄
At the moment both of them are coming above their exports, the way we've seen gold come here once before and go back up again, I think it's a good time to put money.
Hopefully it's not a major pullback in the making. Premiums on silver eagles is still way out of control, it's ridiculous!
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