“If anything comes out of left field, a quick repricing in the metals could follow”
The silver price has closed up on 8 of the last 10 days. This comes as not much surprise at is has been a difficult couple of months for the white metal. This coming week, however, will be a test in price action that could have significant consequences. As we have noted on the daily chart before, silver seems to be stuck in downward channel, and while bullish in the long run, we are now at a make-it or break-it point where we will either punch through the channel resistance, or we are on the cusp of another downleg. If the movement reflects the latter, could we be staring down $15? There has been very little riding of either the high or low trendlines of this channel, with the exception of just a few days riding to the high side in early June, so we’ll know soon enough if there is a break-out.