Silver is stubbornly strong.

Conventional wisdom would tell you that precious metals should be lower in this environment. Trade deal, stocks at record highs, yields rising. Silver (and gold) should be weaker. But, it is not. And that is precisely why we should pay attention to it. Technically, the silver market is at descending wedge resistance just above the 17.00 level. And a risk of a move back to the 16.50 level seems likely. However, descending wedges are reversal patterns by nature, so a move above the 17.10 and more importantly, 17.25 which capped the market all of November is really key. A break above that resistance and the silver market may just to the “unthinkable” and rally.

Silver Bullish Wedge

Steve Voulgaridis