SILVER PRICE BREAKS ABOVE KEY LEVEL, NEXT TARGET $21: Compare 10 Precious Metals Dealers Silver Eagle Prices

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by Steve St. Angelo, SRSRocco Report:

Today, the silver price broke through a critical level held for nearly four years.  With silver now firmly above the important $18.50 level, the next target is $21.  If silver can break above the September 2019 high of $19.75 quickly, there’s a good chance it would reach $21 in June.

In my previous article, CHART OF THE WEEK: Silver Closes At The End Of May At An Important Technical Level, I posted the chart below showing how silver closed right at the key $18.50 on the last trading day of May.  With silver closing at the very top of its price range on the last day of May, I anticipated that it would GAP UP in early Asian trading and continue higher towards the end of the day.

Here we can see that on the Monthly chart (each candlestick represents a full month of trading), silver closed right at the $18.50 level.  If silver GAPPED UP in early Asian trading, then the bottom of the candlestick for the month would be ABOVE the $18.50 level.  This was extremely important to occur.   I tweeted the following charts during the early Asian trading on Sunday night and this morning in the U.S. Markets:

And then early this morning I tweeted the following:

As a reminder, the silver price quote on Investing.com and Stockcharts.com, come from the July Futures contract, where most of the trading takes place.  Kitco.com is posting the June contract, which only traded 25 contracts on Friday versus 61,000 for the July contract.  So, Investing.com and Stockcharts.com use the more heavily traded closest futures contract.

Regardless, here is the Silver Monthly chart with the first trading day of June:

Silver opened ABOVE the $18.50 level, so the base of the candlestick is above the important key resistance area, which I now believe may have turned into a support line.  We will know over the next 1-2 weeks of trading.  None of the previous four candlesticks that traded above the $18.50 level, closed above it or opened above it.  This is an EXCELLENT SIGN.

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