Silver has been cosolidating last Spring's +$15 highs for the better part of the past year now. The past few months especially, have been frustrating. A similar bout of frustration caused by a consolidation occured following Silver's last intermediate high around $8.50 in April of 2004...Three years ago. Patience and determination won out then...will they win out this time as well?
Past performance is never a guarantee of future performance, but bearing in mind today's precious metals fundamentals, the weak(er) US Dollar, and ever present geopolitical risk, the odds of a repeat performance seem favorable.
Please click on the chart above to enlarge. The high volatility evident in our most recent consolidation at 15 could most probably be because of todays higher price in silver. Percentage wise though it is somewhat similar to the consolidation down at 8.50. Outside of that comment I will let the picture speak for itself.
Silver has been sold at the beginning of every month this year, but moved forward thru each month on the upside. I wouldn't expect anything different to start the month of April.
Silver Resistance: 13.35 / 13.40 / 13.54
Silver Support: 13.25 / 13.16 / 13.03
Gold Resistance: 664.70 / 668.50 / 670.30
Gold Support: 662.10 / 660 / 658.30