Silver has remained very resilient relative to its dominant primary driver gold in recent months, trading at its best levels in over a dozen years. Silver apathy and bearishness lately has been myopic and misplaced.
A break under $58.35 suggests new lows below $54.74. Under $62.50 suggests lower. Obviously, the argument of further declines or new lows is over with new highs above $4,700 gold and $71 silver.
The decline from the January high of $121.64 has unfolded as either an ABC or also an ABCDE – a corrective wave. We won’t break out until we are over $70.
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.
