As perhaps can have been expected the gold price was not the only precious metal to turnaround its outlook recently. Silver has also driven a key breakout. Just as gold has broken through $1170, the silver price has moved decisively above $15.50. The rebound is also above all the moving averages so the outlook is certainly now improving and the bears have lost control. Momentum indicators also reflect this improvement with the RSI consistently above 60 when previously this is the level at which it had failed at. The medium to longer term chart shows how important it is that silver now builds above $15.50 as this has been a crucial pivot level in the past year. The past couple of days has seen the price just drifting lower and could test this support again today. The outcome of this test will determine the medium term outlook and makes today’s trading incredibly important.
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