Precious metals like Silver and Gold endured another week to the downside. The beginning of summer hasn’t been kind to precious metals, seeing Silver and Gold fall uniformly despite weakness in the U.S. Dollar.
That said, Silver may have produced a reason for hope late last week…
Looking at the chart for silver spot prices, you can see that prices fell sharply (and briefly) before recovering a good portion of the losses. Despite the losses, this price action produced a potentially bullish wick on the daily and weekly bar charts. And the turnaround came at key Fibonacci support.
Two things to watch for:
1) The lows should see some type of retest.
2) If that should occur, silver bulls need those lows to hold.
Silver Spot Prices – Daily Chart (with bullish wick)
Again, the key here for silver bulls is that the price action perks up soon. Thanks for reading.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
