No surprise to regular readers; silver prices have breached $24. I still expect the metal will complete the run to $24.50 and beyond should bulls break through the trendline and $24.50 (which I believe they eventually will) with conviction.
Now whereas stackers may continue to sleep comfortably with the long view of their metal position pleasantly sending them off to dreamland, traders may want to consider taking some profit on swing trades executed below $22.50. Of course, in current economic times and with the technicals in alignment on the weekly chart shown below (still pushing up momentum), the decision to take money here should not be easy.
The obvious is that the descending trendline will provide resistance (as it is thus far this morning), even prior to the $24.50 mark. Note that from the perspective of a stacker, the potential for the negative space to be filled up and to the right should be a beautiful site indeed.
On the note of upward potential: A look at the quarterly gold chart below reveals that the metal is set for its highest quarterly close ever, as of today end of business. The chart is in logarithmic format. As I have mentioned – I still believe that a breach, with conviction, above all-time highs, would take gold on a run that could surprise even the most bullish participants.
In all likelihood, the yellow brick road will be lined in hot white silver, as always.
Thanks and good luck.
