Silver Eyes Key Breakout Levels as Inflation Heats Up

by Mike Gleason
Silver Seek

Gold and silver markets advanced early this week, with silver leading the way. On Thursday, the metals sold off a bit as the U.S. dollar gained.

The major trend for the dollar, however, is down. The Dollar Index has been grinding lower since mid March, when it put in a spike high.

Silver finally broke through $19 level with a strong close above it on Monday. There hasn’t yet been much follow-through. Although silver has continued to close above $19, we’re not seeing a big momentum push higher.

Precious metals analyst and Money Metals contributor Steve St. Angelo sees $19.75
as a resistance line on the chart that may have capped the silver market this week. Perhaps we’ll see another attempt at breaking through it next week. We see another key level at $21, and if that’s decisively broken, then silver could run all the way to $26.

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