Silver remains in NEUTRAL with neither the Bulls nor the Bears in control of the market.
While silver has rallied hard in the past week, the HIGH thus far has failed to take out the previous HIGH.
Silver rallied higher briefly breaking the $25.00 per ounce yesterday but has since pulled back to a level that has in the past provided both Support and Resistance.
The Bulls need to continue to rally and take out the prior HIGH of $25.46 to establish a new uptrend.
An uptrend being defined as a series of HIGHER HIGHS and HIGHER LOWS.
The Bears need to stop this current move up and take out the previous low of $22.27 in order to establish a new downtrend.
A downtrend is defined as a series of LOWER LOWS and LOWER LOWS.
Since neither the Bulls nor the Bears are in control, silver remains in NEUTRAL.
source: JM Bullion
The premiums on American Silver Eagles nudged a little higher this week to around $6.70 per ounce.
Peace Out and Stack On!