Silver still struggling

Whilst the main equity markets continue to ramp higher, the precious metals are still struggling. To a large extent this is probably due to the rising US dollar. Near term price action looks vulnerable, but today's daily candle was a reversal, suggestive of upside on Friday.


SLV, 60min

SLV, daily2

Summary

Today's gap lower was disturbingly close to taking out the recent lows @ 27.35.

A break of that level would likely wreck carnage for the silver market, and open the door to the 20s, if not the high teens.
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Near term target remains slightly to the upside, 28.40/50, possible low 29s.

A break above key descending resistance in the 29/30 area is increasingly looking difficult to in the weeks ahead.
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*I hold SLV long overnight, seeking an exit early Friday in the mid 28s.