Now that Gold is over $1,600, will Silver break $50?

Market Pulse: July 18, 2011

Last week September Silver opened at $36.725 and closed the week at $39.071. While gold’s break of $1,600 appeared inevitable, whether silver can retest $50 is a question. Technically, watch closely to see if ADX breaks above 25 and starts showing signs of strength (see the daily chart below). If not watch for a downward correction as the market is overbought. MACD is bullish as are the moving averages. Unlike gold, silver is used heavily in industry. Just read the fundamentals of silver below. You may be surprised.

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