Last week, silver was ripping to the upside. This week, silver is dipping to the downside. And next week the Federal Reserve is meeting.
Despite all the downside action, silver remains in an UPTREND. An uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS. As long as the price of silver remains above the prior LOW of $21.93 per ounce the UPTREND remains intact.
source: JM Bullion
The premium on America Silver Eagles dropped below $6 per ounce.
I have some observations. In the past, silver does hit an important bottom in mid-December after the Fed Meeting. If the Fed pauses, again, the price of silver should appreciate. I doubt the Fed would even think of lowering rates.
If the Fed raises rates next week, then the price of silver may break the prior LOW ending the UPTREND.
Mind you this is pure speculation and not financial advice.
If you were hoping for a dip to add to the stack, well here is your dip!
Peace out and Stack On!
