Silver Market Primed for Big Move

Precious metals markets enter the fourth quarter near a potential inflection point on the charts (see below). Gold and silver traded mostly sideways in the third quarter, with gold losing less than 1% for the quarter and silver managing a 2.5% quarterly gain.

The money metals finished the month of September on a bit of a down note last week. However, no major technical levels got breached.

The technical setup on the silver chart shows a three-month consolidation narrowing toward an end point.

Bulls are looking for a weekly close decisively above the $20/oz level to confirm an upside breakout. A strong break below $19, however, would put the bears in the driver’s seat.

Either way, investors should brace for a big move in the silver market in the days ahead, probably before the end of October.

 


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Source: https://www.moneymetals.com/news/2016/10/03/silver-market-big-move-000931

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