There are various general points set out in the Gold Market update, relating to the dollar, that are equally applicable to silver, so this Silver Market update will only focus on the detail differences particular to Silver.
Silver’s attempt early last month to break out above its highs of last year is not regarded as a failed breakout, but rather as a preliminary breakout. The reaction since that time has completely neutralized the overbought condition and brought Stochastics back close to their normal oversold limit, as shown on the 6-month chart presented here, and brought it back to a zone of support at the top of the late September - early October trading range, so that the reactive phase is now believed to be close to complete. However, if we see further dollar strength as expected, silver could drop back more to strong support in the $13.25 - $13.50 zone, where it should be a buy for a renewed uptrend as the dollar rolls over and heads south again - if we don't silver should lift off again from here.
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