It is a good time for PM and silver today was looking pretty good, reversed from overnight lower prices, during the morning hours was already recovering most of the negative and flirted with 22$ for quiet sometime… You would say that the past couple of weeks almost make you feel like “is 2009-2010″ all over again! A little euphoria is there, but I also take it with caution:
Yes, we flirted with 22$ mark today and may test the solid resistance at 22.50 this week…HOWEVER is also getting a little ahead of himself and a profit-taking correction back to around the 20$ major support is also possible in the next week or two, if you look at gold, we could run to 1360-1400$ level, then correct to, say, 1250-1275 and then UP again. Look very bullish and would for a reverse H&S on the longer term chart. And THEN shoot higher toward the 1600$ level later on. But as I said , with caution, a little correction is also coming soon after this rally.
Premiums for silver are stable, ASE at around 3$ over, Gold Eagle few bucks cheaper as well as the Canadian Maples,
ciao!