I want to stick with the Weekly Chart in Silver, as I believe this chart provides the best overall view of the silver market at this time.
On a Weekly Basis Silver has been in a downtrend. A Downtrend is defined as a series of Lower Highs and Lower Lows.
I posted this chart last week to illustrate the longer view of silver.
Why is this important?
The current action in silver is what we would expect if silver is finally forming a "Higher Low", which is the FIRST STEP in changing the trend.
What silver bulls want to see is some more sideways action AND under no circumstances can silver dip below the prior LOW of $17.69.
I remain neutral on Silver at this juncture, as the BEAR are still lurking about. But I am absolutely very excited at the prospect of a turning of the tide.
Peace Out and Stack On!
