Price Action – Reducing Price Spreads on Silver – Bottoming Out? Oct. 23rd
After failing to break and hold above $35, Silver has been getting hammered as of late, dropping $3.50 in the last 2.5 weeks. I would like to note how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.
If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will go for a HL (higher low) and then start to attack the upside. Remember, as I noted before, last Friday 2.6 million ounces (17% of brinks physical supply) was bought up in one day, so we have to expect upward pressures on prices to start soon.
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