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Gold and silver markets are inching closer to embarking on new uplegs.
Bullion.Directory precious metals analysis 11 May, 2020
By Stefan Gleason
President of Money Metals Exchange
Silver outperformed last week and appears to have the momentum behind it to lead a fresh precious metals breakout.
Silver prices will run into some overhead resistance just above the $16/oz level. Once broken, that technical line on the weekly chart could serve as a springboard for a run toward $19/oz – and ultimately higher.
Zooming in on the daily chart, silver is trading solidly above its 50-day moving average for the first time since late February, suggesting a breakout is indeed in progress.
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