Friday, I suggested metal bulls still have the power, and for gold, the evidence of that is yet another higher high made overnight. Yesterday morning gold produced a false breakdown of the rising uptrend line shown on Friday as well. But prices promptly recovered to resume their uptrend trend; this can be taken as a bullish sign.
Silver bulls, however, were subjected to an outsized and aggressive bout of selling yesterday morning, as the metal left all prior medium-term correlations in the dust, as if it were lifted and transposed out of the existing market to trade in a vacuum; experienced silver traders and investors have no doubt seen this movie before; which tends to roll as a Sunday evening special or Monday morning matinee, the most opportune moment.
I am seeing a lot of speculation about how this setup in silver is extremely bullish. And while I believe that metals bulls still have the power , I would like to see Ag close over $23.90 spot this week to confirm a complete reversal of yesterday morning’s indiscriminate selling - and another run at $24.50, this time.Follow J_GidaroDasilva jdasilva@kitco.com www.kitco.com
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