$Silver at $26, spot and front month future. First time in quite a while that spot and the front month are nearly equal. We’ll see if that means we are ready for a pullback or not. Here is a chart I have kept for a long time:
Silver was trapped in a trading range box for along time. And then it just exploded out of the box. I was looking for it to get to that $26 to $29 range eventually after it broke out but not with this kind of speed. That range could definitely be resistance. And now $SILVER will be really overbought. You can see from the RSI below that $SILVER often gets to a weekly RSI of 85 or so before reversing. We were around 77 today. So this week may very well get us there. If we do pull back I would expect it to be into the fall and then when the strong season starts again (Nov - Feb) we could get the next leg up. But the way this is going, who knows, maybe it will just head into the $30s.