Silver to Breakout or More Sideways Action
Silver closed today slightly HIGHER than the range it has been trading in April 13th.
The HIGH of that range was until today, $25.24 per ounce with the LOW of that range being $24.75 per ounce.
So the big question is whether silver is ready to start another run to the upside or do we see some more sideways motion?
As to the case for a breakout to the upside, while today's action was nice, that is not a "breakout" bar on the chart. If there is some more follow through tomorrow in a power move to the upside that holds then there would be a breakout to the upside. However, if tomorrow silver moves sideways or pulls back then expect more consolidation.
I will note that tomorrow is Cinco De Mayo when we all celebrate the great Victory of Mexican patriots over the French, who while the United States was in the midst of the War of Northern Aggression, decided to invade Mexico.
Would it not just be poetic justice if silver breaks out to the upside in honor of Cinco De Mayo?
Wait, y'all do know what country produces the most Silver in the World?
Viva La Mexico!
And pass the guacamole! And the cerveza!
Gold is still acting like money but that is not a great looking chart for a "breakout" more like a reaction to another bank failure.
source:wikimedia
Tell it like it is Freddie!
Ladies and Gentleman. Welcome to 2023 and the Great Reset! Place your bets and hope for the best.
source: JM Bullion
The premium on American Silver Eagles has come down just a tad at around $19 per ounce.
Peace out and stack on!
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Even if its not rising much further, its not bad at all at a 10yr high .
Also the gold price, its close to 60k Euro/kg now, that is pretty impressive. If it goes over 60k it would be a all time record.
The physical market is blazing the trail.
Its a bit expensive to buy now. Unless its going to the ath !
More sideways or a bit down for me 😂
From here it starts to come down a bit. For a few days it will stay up and down like this, then it will start going up again in this way.