Precious metals are stronger today but silver is far outpacing gold with a 3% rally compared to +0.8% in gold.

The seasonals turn for precious metals in about a month but technically, silver is bouncing off the Q3 2020 low of $21.60 in a sign that the long-term range isn’t done yet. It will need to get above $25 to get some real momentum going.

Silver is getting attention from the green energy crowd as well as it’s used in solar panel production.

Falling inflation and declining Treasury yields are good news for gold bugs.

The yellow metal has risen to the best levels since Sept 6. Early in the day it had touched the worst since Aug 25 so it’s shaping up to be a bullish outside day.

In the bigger picture, you could argue a triple top at $1835 or an inverse head-and-shoulders with a neckline there.

In any case, this is clearly a range trade for the moment but if we get a close at these levels, the bulls will have the upper hand into the FOMC decision.