On the heels of the recent rally in precious metals, the silver market is trying to regain its shine.
Tarnished Silver Regaining Its Shine
June 5 (King World News) – From Dan Tobin at Citi: Silver is testing good resistance around $14.90 after a bullish break last week. Through there could open the way towards $16+ at a time when the market is stretched short and the US dollar could weaken.
SHORT SQUEEZE?: Speculative Silver Shorts Near Multi-Year Highs
Net non-commercial futures positions are near multi-year stretched short levels, not unlike what we saw into the middle of last year when silver bottomed (see chart above)…
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Silver has seen a break through the top of a wedge pattern and is now testing converging resistance around $14.90, which includes the 55 and 200 day moving averages and prior pivotal levels from late 2018 (see chart below).
Silver Breaking Out To The Upside
Through there would add to the bullish view and target $16+ where many levels converge including the 2019 highs, early 2018 lows and multi-year channel top.
Also of importance…
Stock Market Sentiment Has Been Largely Negative
From Andrew Adams at Raymond James: As is often the case at market bottoms, market sentiment has been very poor lately, with CNN’s Fear & Greed Index dropping to “Extreme Fear” and the weekly AAII survey hitting 24.8% bullish levels (see charts below).
Fear Present After Recent Plunge In Stocks
Stock Market Bears Solidly Outnumber Bulls
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