Silver up last night 2.41%

(Kitco News) - Comex silver futures prices on Wednesday scored a 21-month high above $18.50 an ounce. The near-term technical posture for silver has favored the bullish camp for some time now.

An examination of the longer-term weekly continuation chart for nearby silver futures shows prices are in a six-month-old uptrend since scoring a multi-year low of $13.62 in December of 2015. Importantly, the weekly silver futures chart also suggests the present price uptrend has much more room to advance in the coming weeks and months. For example, the 2014 high in nearby silver futures was $22.18. The 2013 high was $32.48. A move in nearby Comex silver futures prices above major psychological resistance at $20.00 an ounce would provide the bulls with better longer-term upside power, to suggest much bigger price gains are coming down the road.

This year’s rally in the silver market, as well as gold, crude oil and other raw commodity markets, strongly suggests the major “bust” cycle in the raw commodity sector has ended and that a “boom” cycle is now getting under way—one that will likely last at least a few years.

Cheers

West Coast Guy