Silver price following gold
On Wednesday analysis I said that price movements of gold and silver differ. When gold broke on Tuesday resistance, silver didn’t make it. Both metals are strongly correlated with each other and their divergence is always temporary. As expected silver now copies earlier gold movement trying to break resistance in 18.40-18.50 area. Looking at the power of gold bulls breaking resistance on silver is just a matter of time.
Bulls targeting 19.00
Today’s movement helped in getting highest since November 2016. In the moment price of silver will break resistance in 18.40-18.50 area price should dynamically move in direction of 19.00 resistance. This levels is like 1,300 on gold. In both cases the resistance will be hard to break at first ry so there will be a place for correction or consolidation.