Precious metals are starting the week strong as the rebound from $1760 continues.

It looks like Gundlach bottome-ticked the latest move with some negative commentary on gold from the bond king. I highlighted at the time how sentiment had turned extremely negative.

Today the drop in dollar is a big factor as commodity prices climb across the board (except natural gas). Crude, industrial metals and precious metals are all solidly higher.

Technically, the Feb 12 low offers some token resistance but it doesn’t get too tough until the $1850 area, which includes more Feb highs along with the cluster of the 50, 100 and 200 day moving averages.

With gold looking rather underwhelming to start the year, plenty of attention in the precious metals space has turned to silver (and platinum) – especially with the recent run in the former towards $30 to kick start the new year.

While that may have been largely driven by speculative positions capitalising on the hype from the retail trading frenzy, it also serves as an acknowledgment for underlying sentiment in silver i.e. market still looking for bullish bets.

For now, silver looks to be in the process of consolidating but is taking aim at last week’s highs around $27.80. Of note, it is pushing against the 38.2 retracement level @ $27.51 and looking to hold a daily close above that (it did not last week).Drilling into price action, buyers are in near-term control as long as price holds above the key hourly moving averages @ $27.03-22. Further support is then seen closer to $26.70-82 from the lows last week.Meanwhile, last week’s highs near $27.80 and the $28.00 level (50.0 retracement level) are key resistance points to focus on if the upside move extends this week.

SLV saw a record amount of daily inflows worth nearly $1.6 billion yesterday (h/t @ daniburgz) despite the 9% drop in silver prices yesterday. That might be a sign that there is still strong appetite for silver despite the retreat after hitting $30 earlier in the week.

For some context, this is how silver prices have matched with SLV holdings in recent years:

Just something to be aware of when factoring in the fundamental landscape to the current technical picture, as buyers are still hanging on at key near-term levels.