Another interesting point to observe on these charts is the recent strength of silver relative to gold – gold has been in corrective mode since April but silver forged ahead in May...
Silver continued its recent correction this past week even as it gained a small 0.1%. We can’t rule out a test of that uptrend line from the February low that is currently near $28.
Silver confirmed a breakout when it closed over $30. So, this appears to be test of the breakout zone. But a test of the 50-day MA near $28.70 can’t be ruled out.
Silver peaked at $32.75, fell to $30.24, rose to $32.51, and dropped again to $30.44. Testing under $30, the breakout point, is possible. Strong support is evident down to $28.
Silver suggests that wave ii did indeed end at 18.01, and we are working on a powerful wave iii rally that is full of nested bullish waves, as shown on our Daily Silver Chart.
