Despite a roaring US dollar as of late, we have seen the price action of (NYSEARCA:GLD) and (NYSEARCA:SLV) rise along with it.
But this may be about to change.
Below is a 1yr chart of ticker (SLV).
Take notice of the recent price action which has gone up nearly parabolic since the beginning of the year. Now when I see price action like this, I begin to think about a reversal with regard to the current trend.
If you take a closer look at this chart you will notice the area I circled in purple. This upward momentum just hit it’s 200 day MA, (red line), and I believe this may act as resistance.
With this knowledge now may be the time to take advantage of a pullback which could pay off nicely.