Silver Chart Study

Today we post a silver chart study to follow up on our recent post in re: buying USLV.

On the chart above we see a multi-year down trend in red broken in late 2014 and since shortly thereafter silver has gone essentially sideways.

A nearly 10-year up trend is in place, shown in green, and a two year down trend in black is in effect.

If silver trades above $17 that down trend will be broken and massive upside potential is evident given current sentiment readings (not shown) and Commitment Of Traders data (shown in our previous post).

Of course this also impacts gold, since gold and silver typically move in tandem.

Gold's "line in the sand" is roughly $1400, however we must be bullish so long as gold is trading above $1300.

As of this writing, gold is $1298 while silver is $16.50



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