Silver is trying to rebound

Posted in Silver

The strength of the US dollar punished the gold in the last few weeks, with the negative correlation between the greenback and the precious metals close to 1 to 1 in the second half of November. The silver reaction was in some ways different, in particularly in the first trading days of December, as the silver was holding much better than the yellow metal. Technically we are still in a bearish trend (and far away from the peak of 21 reached in the last summer) even if the rebound of the silver price close to $17/ounce appears as a first positive signal. We will have a more important reversal signal only in case prices could jump above $17.3-17.4, with space, in this case, for further recoveries to at least $18. Vice versa a return of silver price below the important support areas placed at $15.8 and 16 could open the door to a new bearish movement.

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