Silver has support down to $29, but if that breaks the next support comes in at $28.50. Below that, we don’t find support until $26.50. Resistance is at $32.
You're seeing targets of $50 in silver and $3,000 in gold. Absolutely yes, but not yet. We want to stay in the wall of worry for as many years as possible to produce the highest move at the final top.
Silver eked out a 0.5% gain on the week, despite last Friday’s sharp pullback. Silver lost $1.21 this past Friday or 3.9%. Otherwise, it would have been a good week.
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.
