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Will Silver Go Higher Or Collapse Again

Last Thursday, silver collapsed. After hitting a high of $33.00 the previous day on the iShares Silver Trust (NYSE:SLV), it dropped to a low of $30.96.  This did some major technical damage to the chart. However, between last Friday and today, silver has roared higher, surging through the $33.00 level. The SLV is currently trading at $33.07, +0.51 (+1.57%).

The big question must be asked, will silver now break higher or collapse back down, utilizing a double top as resistance. The answer will be given based on the closing price of the SLV today. Should the SLV close below $33.00, the bearish case is still on the table. If the SLV closes above $33.00, there is a strong likelihood silver is going higher in the short term.

Silver is extended on most chart time frames but global instability and the perception of a massive global recovery is giving it life. Watch closely in the coming two days to see which direction this goes.  Gold remains strong with the SPDR Gold Trust (NYSE:GLD) trading at $137.82, +0.44 (+0.32%).

Gareth Soloway



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