Technically, and just barely but still technically, silver slipped into a DOWNTREND on the Daily Chart.
A DOWNTREND is defined as a series of LOWER HIGHS and LOWER LOWS.
Yesterday, silver posted a LOWER LOW having come off a LOWER HIGH.
So technically silver is in a downtrend. Today's action simply kept silver from falling off the cliff.
Perhaps next week silver will continue to rally and slip into NEUTRAL. Just as likely, silver will break down below Thursday's LOW and start another leg down.
The premium on American Silver Eagles stands at around $6 per ounce.
Peace Out and Stack On!
