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Silver Gold Stackers

Weekly Silver Report - Consolidation

@handofzara@handofzara (70)832d

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Last week, I reported that silver was in the process of a retest of the prior "break out" level at $30 per ounce. Weekly Silver Report - The Retest

Silver has had a great run to the upside breaking a multi-year Resistance level at $30 per ounce. It is not unusual after such a nice run for silver to take a rest and a retest. Silver remains in an UPTREND. An UPTREND is defined as a series of HIGHER HIGHS and HIGHER LOWS.

The old saying is Resistance becomes Support. So far the $30 per ounce level has acted as Support. A new Resistance level has formed at the $32.50. A strong break above $32.50-$32.75 would signal another run to the upside. Contrarily, the Bears would have to break $26.25 and only put the silver market into NEUTRAL.

image.png source:JM Bullion

The premium on American Silver Eagles is around $7 per ounce.

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Peace Out and Stack On!

Comments · 8

  • @geneeverett(76)· 803d

    Haven't seen ya around in a while. Hope all in well friend! !PIMP

  • @lee1938(68)· 828d
    #hive #posh
  • @temileke(64)· 828d

    I am still quite positive that silver will still definitely do quite well in the market

  • @hivebuzz(74)· 829d

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  • @rafzat(71)· 832d

    Looks like silver is about to have some correction Maybe it’s the dumping season now

  • @bitcoinman(78)· 832d

    I think it's likely going to be around the new floor here for a while unfortunately but would be great to see some action one way or the other 🤣 !BBH

  • @kerrislravenhill(74)· 832d

    At least it closed above the $30 handle, which is still significant in maintaining the upside potential.

  • @ssg-community(69)· 832d

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