If we break down below the $69 level, that could open up the floodgates to a much deeper correction, and quite frankly, I don’t think that would be the worst-case scenario, but it seems somewhat unlikely.
Consolidation and Resilient Growth
Silver has been extraordinarily resilient and with the shortage of physical silver, that has caused a bit of a headache. Ultimately, I think we are trying to carve out a range for a while between $70 and $82 or so, and typically, when you get that type of consolidation, that means you are going higher.
I don’t think a parabolic move is in anybody’s interest at the moment, so therefore, a little bit of sideways and choppy behavior, I think, does look good to me at least, trying to keep the uptrend going at this point in time. With this market being so strong, there is only one direction you can seriously look at.
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