Silver price jumps by nearly 5% and is back over $22

Hot on the heels of gold is silver. Gold has managed a good 4% move (so far) and silver has bettered that with a move of nearly 5%, and crucially is trading back above $22 – a level which has seen a lot of selling interested in the past three weeks. It also means silver has rallied nearly 8% from monday’s lows.

Silver $ (4hr):

silver $ 17 october 2013(click for sharper image)

And just look at all that selling when silver has got above $22 in the past three weeks.

On the daily chart we can see that today’s move has taken silver clear through the 100DMA and has kept going almost reaching the 55DMA which is currently sitting at $22.24 – the high today (so far) is $21.33.

Silver $ (daily):

silver $ 17 october 2013 a(click for sharper image)

If we’re going to see a sustained rally in silver the price is going to have to get through that 55DMA – something it managed to do during the Fed’s un-taper announcement- however it didn’t manage more than one day above the 55DMA before some aggressive selling took the price back below the 55DMA where it has remained.

But don’t forget, although the debt-ceiling/bankruptcy ‘thing’ has been booted for a mere three or so months, we get the Federal Reserve’s un-taper announcement part deux at the end of October. It will be interesting to see just how many people dare try and say that tapering is a possibility in a couple of weeks – if the Fed couldn’t cut a single dollar in money printing last month (when it very clearly ‘signalled’ it would) there is absolutely no chance it’s going to happen in a couple of weeks when the economic data in the US hasn’t even been published for the Fed to make a decision.

Link to this article: : http://www.goldmadesimplenews.com/silver/silver-price-jumps-by-nearly-5-and-is-back-over-22-12005/

Posted by on Oct 17 2013. Filed under Silver News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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