Silver: Wait and see.

Silver closed at US$36.20 an ounce. This is closer to the support provided by the 100dMA at US$35.83 an ounce than the resistance provided by the 50dMA at US$39.22 an ounce.

The weakening momentum observed in my last blog post is confirmed by the RSI which has been unable to overcome resistance provided by its 50% line.

The 50% line is now established as a many times tested resistance and likely to be quite strong, therefore. This, in turn, suggests that price could have a harder time climbing higher.

Although the MACD has averted a bearish crossover with the signal line in negative territory, its distance with the signal line seems to be narrowing. The negative momentum although mellowed is still very much in force.

Since my last blog post, my strategy has not changed and I would wait and see.

Related post:
Silver: Weakening momentum.