Silver’s decline to near $54 is a classic move to test the previous breakout over $50. That said, we have considerable work to do to regain confidence and break out to the upside again.
As to silver and the gold stocks indices, silver needs to break above $70 and then $75 to suggest higher prices. Only above $106 are new highs possible. Silver needs to hold above $56...
We are encouraged by silver making a lower low, even as gold made new lows. A divergence? The TGD also made a higher low, although the HUI joined gold in making small new lows.
All have fallen under the 200-day MA. All are in official bear markets. The intermediate (weekly) trend has turned down, a sign that one should be shifting out of the precious metals.
