SILVER - Could the 200MA Catapult Silver to $21+ Again

5 mar 2019

I was looking at the daily chart and noticed that the price was catching support along the 200MA. We did this before back in 2016 at right around the same price and time of year. If this support can hold, I think we may get a big breakout beyond resistance. This will be no small feat though. Silver broke below the long standing uptrend support line (blue) and the price has been unable to break the pink resistance trend or the the weekly 200MA (yellow). However, the price is now directly in between them. And unlike in 2016 where the price had to hit $21 to touch the pink resistance trend/weekly 200MA, now they're just overhead at $16-16.30. A strong push from the bulls may be exactly what is needed to get silver out of its bear market.