As with other risky assets, the two-week rally in silver reversed course yesterday. As a matter of fact, the price ($15.67) declined to below its 200-day moving average ($16.00), having already breached the 50-day line in mid-January ($16.96). Looking at the broader precious metals complex, yesterday also witnessed a key day reversal of palladium. Not a good sign, at least not for the near term.
Considering the technical picture of silver, Adam Hewison (INO.com) provides a short analysis arguing in favor of a trading range / pullback. Click here or on the image below to access the presentation. (Those who missed Adam’s gold analysis of two days ago, click here.)
