Two weeks ago, silver ended its daily downtrend and slipped into NEUTRAL. Silver remains in NEUTRAL but perhaps the tide is turning.
A downtrend is defined as a series of LOWER HIGHS and LOWER LOWS. Whereas, an uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS.
Silver slipped into NEUTRAL two weeks ago by posting a LOWER LOW followed by a HIGHER HIGH.
So the question for all silver bulls, was Friday's LOW of $24.43 per ounce a HIGHER LOW?
If silver breaks hard above the last HIGH of $25.47 then silver will bull forward into an UPTREND.
Timing wise we are leaving the Summer Doldrums, one of the weakest periods for the precious metals, tis the season for rallies. Patience is the name of the trading game and silver could just as easily remain in NEUTRAL as it could bull forward. Wait for the market to speak.
On the Weekly Chart, silver remains in an uptrend.
On a Weekly basis, silver will confirm the uptrend with a break out above $26.43 per ounce.
source: JM Bullion
The premium on American Silver Eagles remains elevated but steady at around $14 per ounce.
Peace out and Stack On!
