Silver seems to be breaking out of the short-term consolidation period which has been in place since thhe beginning of December.
The daily MACD indicator has generated a buy signal, while the Bollinger Bands are contracting after the recent phase of weakness. The recent rise in the gold/silver ratio is also fading out and the daily MACD indicator has generated a sell signal. The current price of 79.00 is significantly lower than the recent high of 82.13 seen of December 15th. The price development in silver suggests a bullish outlook for precious metals generally and in particular for the gold mining sector which has witnessed exaggerated weakness recently.
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