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%).

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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