by Steve St. Angelo
Today, both silver and gold broke above important technical levels. The gold price hasn’t been this high since September 2011 when it peaked at $1,923 during that month. Silver finally pushed through the critical $18.50 level and closed at $19.16, according to prices on Stockcharts.com.
First, let’s look at silver. While silver is still lagging gold, I believe it will start to outperform the yellow metal once it finally BREAKS above the $21 level. The monthly silver price has been stuck below the $18.50 level since 2016. While silver has traded above $18.50, it has not closed above it. We need to see the body of the Monthly Candlestick close above $18.50 for it to be a positive sign for traders. And, with silver closing today at $19.16, we could see a move to $21 rather quickly: