Silver Forecast – Are Robinhooders Losing the Battle in Silver

Silver is under attack, and prices are back below the $27.00 level. Yesterday’s gap higher was closed, and prices are backtesting the intermediate trendline. What happens next is crucial!

• A close below $26.00 would establish a false breakout and bearish reversal (favorite trick of manipulators). In this scenario, silver could collapse back towards $22.00, possibly lower.
• To reverse today’s institutional attack, retail traders need to push futures back above $29.00 before Friday.

GAMESTOP CHART (GME)

GameStop is down over 60% and decisively below the $100 level.

AMC ENTERTAINMENT (AMC)

Prices are down over 50% and could reach support near $5.00 as soon as today.

On a positive note, bellwether Newmont Mining is diverging bullishly.

NEM

Newmont is rallying despite sharply lower gold and silver prices. A close above last Friday’s high ($61.50) would be bullish and support higher metal prices next week.

Note- The buying of physical precious metals is exploding and could have a bullish lag of one to two weeks.

How metals and miners respond after Friday’s employment report key.

AG Thorson is a registered CMT and expert in technical analysis. He posts daily updates to Premium Members. For more information, please visit here.