Well, damn. Here I was looking forward to silver testing the $12.50 area so I could bulk up on futures contracts, and it goes and turns higher to the tune of 3%. Yesterday's move was, indeed, a convincing shakeout. When I see action like this... a support level lost and instantly regained... it revives my outlook for some wild upside in precious metals, only now my opinion carries a stronger conviction, more so because we got what we wanted from the miners:
Okay, almost what we wanted. It would have been nice to see a bit stronger volume on the breakout. Until we see an up day on convincing volume, we must be wary of a failed break.
I'm also keeping a close eye on platinum, which has lead this PM rally all the way.
Equities gave us very little to work with in a very choppy session. While the session was a loser, zooming in and slicing hairs shows us that the pivot point regained yesterday was held:
As with the miners, the price action in the S&P 500 would be more convincing if supported by volume. For now, it's back to the waiting game.