Recently, silver (and platinum) have made new highs, but gold hasn’t. We note divergences, and that’s why new highs for gold are important, so that all are in sync.
We're moving higher in wave 3...within wave 3, we completed wave i at 29.91 and wave ii at 18.01 and we are now continuing to move higher in a subdividing wave iii.
To summarize, I’m encouraged by the bull flag pattern forming in silver right now, as this classic continuation pattern indicates even further upside ahead...
Silver’s strong June is especially notable because typical drivers like futures buying and SLV-share demand don’t fully explain it. This suggests rising global investment demand. It’ll be interesting to see how it unfolds.
Connecticut Gov. Ned Lamont (D) signed House Bill 7287 into law, which includes a provision removing the last remaining tax on purchases of gold, silver, platinum, and palladium bullion.
The breakout target is $44. But to realize that, we need to recover soon and see new highs above $37.30 the high so far. Indicators are for the most part neutral here.
