Silver is teetering on the edge of another leg down. In the past the price level of $22.50 per ounce has acted as SUPPORT going back several months having been breached only once.
First things first, silver is in a DOWNTREND. A downtrend is defined as a series of LOWER LOWS and LOWER HIGHS.
So where are we today?
Silver sits on strong support, if silver bounces off of support and can breakout above the prior high then the DOWNTREND will be broken. However, since the trend is down, odds favor a continuation of downward movement in the price of silver.
The trend is your friend until the end!
source: JM Bullion
The premium on the American Silver Eagle remains steady at $6.50 per ounce.
Peace Out and Stack On!
