SD Monday Outlook: Key price levels in gold and silver come into view, but the Dow will look to steal the show. It’s going to need a lot more than 23,000…
First this to start a Monday Morning:
The U.S. has gained more than 5.2 trillion dollars in Stock Market Value since Election Day! Also, record business enthusiasm.
— Donald J. Trump (@realDonaldTrump) October 16, 2017
In the overnight session, gold and silver have been looking good with respectable price action:
For this Monday Outlook, let’s see where we have been over the last year. As we can see, gold and silver have been all over the place.
For example, Silver is lower than where it was a year ago:
On November 9th, we had the election night spike higher, and then two days lower, they brought the smash. We are in a good position for the week when we move our eyes to the right side of the chart. The 50-day is right there at the 200-day, ready to show the world that the 50-day has decisively crossed to the upside. We know that already, but since the metals have had no love all year, it will be good for everybody else to see it.
Regardless, the silver price is decidedly lower than a year ago. It hasn’t been much fun, and those month long smashings this year have been brutal, but the more they try to force the price down, the more this pent-up energy needs to be released, and the cartel could quickly become overwhelmed.
A problem area on the chart is around $17.70. That is June 6th peak before a month long fall. Once silver gets through that level, the price needs to take out $18 with determination.
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