For Gold and Silver, Critical Support Holds
Silver (SLV) rose 0.38% over the week and held crucial support.
Last time silver hit the $19 level, I talked about how it was a simple and very safe buy level using tight stops.
The same was true this time around -- although to be honest I wasn't so sure $19 would hold. But it did hold, and that's what matters.As $19 was hit and silver bounced strongly, it was early in the day and the few stocks I had were not acting great. So while I did see silver bounce, I was more focused on selling the positions I had. If we break above the downtrend line and the 21-day moving average at $19.85, then we should have a low in. That's a powerful buy signal. We may need to build out a flat base here for a few weeks, so we may not rocket higher. But as a longer-term buy, silver is looking fantastic to me. Just look at the explosion of volume as major support was hit. That solidifies the power of the $19 level. It's very positive. Next up: platinum and palladium charts.
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