There was a time in 2010-2011 when everyone was expert on Silver. Well, few years later - I hardly find anyone talking about Silver. I don't blame them - the chart of silver tells the story
The Weekly Chart
Silver declined dramatically in 2013 to $18.7-19 from 35 and never recovered. For last 14 months - Silver bulls were trying to defend 18.7-19 but last week - it seems they also gave up and Silver closed at fresh weekly low.
What does the breakdown mean?
It all depends on what USD index does. If USD continues with its rally - then it will drive down Silver prices even lower.
Silver Breaks down - Is Gold Next?
Gold bulls have defended $1200 so far and hence any breakdown below $1200 will lead to lots of panic.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers