Technical Analysis

Silver consolidation may be done as it climbs to 13-day high

Silver outpaces gold

The silver bugs are proving to be resilient.

Gold is consolidating but silver may be in the midst of another breakout. The rally today may have punched a path higher from the bull flag pattern on the chart.

Despite the technical break at the moment, I’m skeptical of precious metals in the short-term. Markets are giving Republicans a better chance of holding the Senate and that raises the odds of a divided Congress. With a Biden presidency, that would lead to tighter fiscal policy and unwind some of the recent gains.

In the short-term, which out for the Aug 18 high of $28.47.

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