Could silver be any less dull at the moment?
Complete sideways action in a range between $22.19 (the LOW at the end of November) and $24.78 (the HIGH posted on January 2nd).
The range in silver has been getting tighter and tighter over the course of the past two months.
That is a great deal of time to spend churning in an ever tightening range. In my prior posts, I had called silver in an UPTREND, with a series of HIGHER HIGHS and HIGHER LOWS but this churning action puts the UPTREND on pause, simply too much sideways action.
If Silver is the canary in the coal mine, something BIG is brewing, other than my coffee.
Exactly, from tight ranges come big moves. The question is, as it always is, which way will silver break? Will silver vault higher or will once again silver be plunged into the depths?
The most prudent position is no position, which means for now I am NEUTRAL on silver.
The MONTHLY chart of silver still is showing a DOWNTREND with a series of LOWER HIGHS and LOWER LOWS.
So there you have it. Silver needs to do some work here.
source: JM Bullion
On a positive note for stackers, the premiums on silver coins, even the American Eagles are coming down.
Have a Great Day!
Peace Out and Stack On!