Gold making new record highs. Silver is up over 5%
The price of gold is trading to yet another new all time high at $2066.94 (trading at the highs now), but silver is the big mover today. The price of silver is currently up $1.38 or 5.13% at $28.33. The high price just reached $28.45. The low price today was at $26.80
Looking at the weekly chart below, the price this week has surged above the 38.2% retracement at $26.22. The 50% retracement of the move down from the 2011 high comes in at $30.72. That is the Next major target on the topside. We currently trade between those retracement levels.
Drilling to the hourly chart below, there is a fairly solid lower trendline at $27.60. Stay above that level is more bullish. On the topside a targeted topside channel trendline would have prices targeted at $29.05.
