Given the strength of silver’s big breakout last Fall, it’s asking a bit much to expect it to dig deep into this support before it takes off higher again. It could take off very soon or even immediately.
All this points to the potential for gold, silver, and the gold miners to begin another rise. Given recent divergences that are positive towards gold, silver and the gold miners, we could be getting closer.
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...
