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Gold and Silver Set for a Breakout?

Silver has taken a lot of signal for gold and while more volatile. The news cycle effecting gold has resulted in a number of false breakouts for silver that caught a number of technical traders by surprise. We have seen a breach of the long established trend support line that never turned in to a further move to the downside and a break to the topside as traders tried to digest and second guess the stimulus package news.

Today silver is looking a bit heavy and another close below trend support opens up the recent support level of $23/22.80 as a target and below this we are light in terms of major support for silver most notably at $19.50 which also happens to be at the 200 day moving average.

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