The price of silver has moved up to a high price of $25.06. That has taken the price over 5% on the day. The current price is trading at $25, up $1.17 or 4.92% on the day.
Technically, looking at the daily chart above, the price bottomed in September right near the 100 day MA (blue line). In October, the swing low has stalled at the 38.2% at $22.90. The price high today has taken the price to the highest level since September 22.
The next major target on the daily chart comes in at swing lows from August and September between $25.85 and $26.04.
There’s nothing like another huge hole in the US deficit picture to make the case for buying gold. Headlines have been quiet today but it was clear on the weekend that Congressional leaders are working towards a deal on another round of stimulus in the $1.5T to $2.2T range.
Gold dipped in Europe and touched $1187 but has stormed back to $1917 on broad optimism. It briefly ticked above Friday’s high of $1917.16.
The Aug-Sept lows are starting to look like a double bottom but it still a tough seasonal period.