We're moving higher in wave 3...within wave 3, we completed wave i at 29.91 and wave ii at 18.01 and we are now continuing to move higher in a subdividing wave iii.
Silver’s strong June is especially notable because typical drivers like futures buying and SLV-share demand don’t fully explain it. This suggests rising global investment demand. It’ll be interesting to see how it unfolds.
The breakout target is $44. But to realize that, we need to recover soon and see new highs above $37.30 the high so far. Indicators are for the most part neutral here.
On June 5th, silver finally broke above both the $32–$33 and $34–$35 resistance zones that had capped its upside for the past year, frustrating many silver bulls, including myself.
Silver finally broke out and made new 52-week highs. However, we don’t like the way it broke out. Platinum is doing something similar. Both made new 52-week highs this past week...
Silver-futures buying is likely getting tapped-out. These super-leveraged traders have far more room to dump longs and ramp up shorting than keep buying, which is ominous for silver.
