Is Silver about to “Pop” or “Drop” [Chart]

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.

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.

NEWS and COMMENTARY

Gold eases after Trump’s discharge, weaker dollar cushions decline

Gold Is Still an Excellent Diversifier: UBS (Bloomberg TV)

Dollar on defensive as U.S. stimulus hopes, Trump discharge boost risk sentiment

10-year, 30-year Treasury rates hit nearly 4-month high to start week amid fears of increased deficit spending

U.S. commercial bankruptcies up 33% year to date

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

05-Oct-20 1899.65 1909.60 1467.48 1472.49 1616.41 1620.49
02-Oct-20 1906.40 1903.05 1473.46 1471.82 1627.87 1624.44
01-Oct-20 1895.55 1902.00 1477.01 1476.33 1615.96 1619.74
30-Sep-20 1883.40 1886.90 1468.49 1467.63 1609.74 1613.30
29-Sep-20 1882.40 1883.95 1461.87 1465.71 1610.02 1606.44
28-Sep-20 1850.95 1864.30 1440.78 1448.37 1589.41 1597.52
25-Sep-20 1870.05 1859.70 1467.05 1462.65 1605.25 1598.78
24-Sep-20 1850.75 1861.75 1453.21 1460.92 1588.68 1598.50
23-Sep-20 1888.10 1873.40 1483.48 1470.06 1611.49 1603.63
22-Sep-20 1903.10 1906.00 1487.46 1493.16 1621.63 1625.25
21-Sep-20 1930.90 1909.35 1503.21 1489.48 1638.18 1624.47
18-Sep-20 1954.75 1950.85 1505.16 1508.01 1647.85 1648.66
17-Sep-20 1936.10 1936.25 1494.67 1499.82 1642.78 1640.20
16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67

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