Silver is yet again at another inflection point. Back on February 29 silver created a trading low that has the silver buys looking to pull the trigger.
On the silver’s futures chart we can see descending flag with price action approaching the upper in the flag. If the bulls can push the price above and close above the flag it could single a short term bullish move towards the $15.60 and $16.00 resistance levels.
I’m looking chart technical to tell me when jump long into silver (SLV, quote). While we have strength building in the commodity the tug-a-war between the bulls and bears will likely continue into the non-Farm Payroll report tomorrow.
We could see which camp gains the upper hand tomorrow but until then I’m in a wait and see mode looking for quick trade in one of favorite metals.