Silver Price Action and Charts – OUCH!!!

It has been a rough couple of weeks for Silver. The Price Action has been very bearish and the selling by the large Commercial Banks has been relentless. In the past 12 days the price has been sold down from $26 to briefly under $22. Many Silver enthusiasts are scratching their head as to why Silver and to some extent Gold have been behaving this way in the face of rising commodity prices, rising bond yields, falling stock markets, and geopolitical turmoil. All that can be said is, “Hold ON, and keep buying”. These low prices are a gift of more time for you to add to your silver and gold holdings.

On the bright side, on the the chart above, it appears that the Sellers have exhausted their selling pressure for the time being and have inflicted all of the damage that they can to the chart. From a Technical perspective, Silver is massively oversold at these levels and the RSI value at such depressed levels is coiled for the next leg up. Get in while the gettin’ is good…

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