From the chart for Gold there are indications of a bullish run. Higher highs and higher lows. Indicators are showing there will be pressure pushing to the upside. The probability of breaking $ 1,350 is higher now than it has been for some time. If Gold continues upward expect Silver to follow.
Back to Stochastics reading of 20 was the key. The RSI reading did not get down to 30. Currently the reading is higher but the lines are embedded which can indicate a busllish move to come if it retains that level. With Silver the price is riding along the 50 MA which is a moving average. If it fails to hold support at the 50 MA then a silver spot price could drop back down to the 100 MA which is near $ 21.40 level. Upward pressure with Gold could remain for a short time giving silver a boost to at least hold the current price. Short term is a week, it remains to be seen whether a big run is in store for now. Fundamentally, nothing has changed to say Gold and Silver should be weak. The debt ceiling has been raised once again. That appears to be a given with financing the government. Now how bout that !
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