Last week, I reported that silver was in the process of a retest of the prior "break out" level at $30 per ounce. Weekly Silver Report - The Retest
Silver has had a great run to the upside breaking a multi-year Resistance level at $30 per ounce. It is not unusual after such a nice run for silver to take a rest and a retest. Silver remains in an UPTREND. An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS.
The old saying is Resistance becomes Support. So far the $30 per ounce level has acted as Support.
A new Resistance level has formed at the $32.50. A strong break above $32.50-$32.75 would signal another run to the upside. Contrarily, the Bears would have to break $26.25 and only put the silver market into NEUTRAL.
source:JM Bullion
The premium on American Silver Eagles is around $7 per ounce.
Peace Out and Stack On!
At least it closed above the $30 handle, which is still significant in maintaining the upside potential.
I think it's likely going to be around the new floor here for a while unfortunately but would be great to see some action one way or the other 🤣 !BBH
Looks like silver is about to have some correction
Maybe it’s the dumping season now
Haven't seen ya around in a while. Hope all in well friend! !PIMP
I appreciate you checking in on me. These past two months have been very hard. I will be back in the running soon. Again thanks for asking.
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I am still quite positive that silver will still definitely do quite well in the market
#hive #posh
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