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Is Silver about to “Pop” or “Drop”

Summary:
The chart of silver at the moment shows that it is poised for a breakout move. It has failed on a number of occasions recently to close above resistance at .40. If we do see it closing above this level that could signal a quick move up to the next major resistance at .50. However it is also also finding support from the major upward trend line that has held since the March lows and a break below this could signal a retest of the recent lows (approx. .65) and ultimately support further down at .50. Silver Prices, 2019-2020 - Click to enlarge With the precious metals markets being heavily influenced at the moment by the vagaries of the stock market and the relative strength of the US dollar, any “News-bomb” will have a increased impact on the

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The chart of silver at the moment shows that it is poised for a breakout move.

It has failed on a number of occasions recently to close above resistance at $24.40. If we do see it closing above this level that could signal a quick move up to the next major resistance at $26.50.

However it is also also finding support from the major upward trend line that has held since the March lows and a break below this could signal a retest of the recent lows (approx. $22.65) and ultimately support further down at $19.50.

Silver Prices, 2019-2020

Silver Prices, 2019-2020

- Click to enlarge

With the precious metals markets being heavily influenced at the moment by the vagaries of the stock market and the relative strength of the US dollar, any “News-bomb” will have a increased impact on the short-term price action for the white metal.

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Mark O'Byrne
I founded GoldCore more than 10 years ago and it has been my passion and a huge part of my life ever since. I strongly believe that due to the significant macroeconomic and geopolitical risks of today, saving and investing a portion of one’s wealth in gold bullion is both wise and prudent.

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