Silver price looks very interesting now. After forming a divergence between the price and the MACD (see chart below), it has just broken above its previous day's resistance at around 14.25. This looks very bullish and could be the start of a new uptrend (provided the support around 14 holds).
Another major factor which could drive the price much higher is the fact that there is a record short position on Silver and if the price does continue up, all these shorts will have to close their positions and buy back.
I believe this is an amazing moment in time to observe how this is going to pan out now ! Which way do you guys think the price will go ?
DISCLAIMER: I'm not a financial adviser, nor a professional trader and nothing I say here is meant to be a recommendation to buy or sell any financial instrument. It is purely for educational purposes. Please don't invest money you can't afford to lose. Always do your own due diligence before trading or investing.
