Silver has been in focus for some of you closet silver bugs and since Steven Demmler, Tommy Molloy and Anand (amongst others) have brought it up I’ve been keeping half an eye on it.
The recent downside levels look like they’ve held for now and a run to the 20 buck mark looks to be a case of when not if.
Silver daily 12 06 2014
I’m not in myself but it looks a pretty good technical short term set up.
While a move to $20 looks fairly good the longer term picture should get bulls feeling a bit more cautious. This 18/19 area has been a big level for prior support and resistance and a break could see gold’s poor relation heading back towards the $10 mark. Not a fib level I use but we pulled up at the 76.4 fib of the 2008 swing up.
Silver monthly 12 06 2014