by Steve St. Angelo
By the close of trading today, it will set the short-term trend for the silver price. If this technical indicator is positive, silver will likely continue higher tomorrow. However, if it turns out to be a negative indicator by the end of the day, then it will point to a reversal, correction, and consolidation over the next days-week.
While many precious metals investors don’t follow or care about technical analysis, I can assure you that the professionals are keeping a close eye on the trading action. And, right now, the price of silver is being determined by the paper traders, not physical buying. Although, there may be some fundamental supply shortages that may be part of the reason we are seeing a stronger move in the silver price currently.