Silver is a bit weaker today on some mild profit taking, but both metals remain in price uptrends on the daily charts, to suggest the path of least resistance for prices will remain sideways to higher in the near term.
That’s very likely going to be ultimately bullish for the metals markets, which are hard assets that history shows tend to appreciate during times of problematic inflation.
The equities bulls are still on the ropes late this week following this week’s strong selling pressure that negated near-term price uptrends on the daily bar charts for the U.S.
Treasury note is on the rise late this week and is presently fetching around 1.65%.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $28.475 an ounce.
First resistance is seen at Wednesday’s high of 482.45 cents and then at the contract high of 488.80 cents.