On Sunday September 11 we posted comments on the technical behavior of physical silver. Over the past 11 days silver has continued to pursue the tip of a bullish pennant.
MACD is the Moving Average Convergence-Divergence and should be independently researched by readers. This indicator subtracts the longer moving average from the shorter. The result gives a good indication of both momentum and direction. Reaching a low of -0.31 on our chart September 19-20 we now see it moving northward possibly indicating a test of the upper pennant range.
Famously or infamously we continue to post opinions only hours before the Federal Reserve releases comment on monetary policy. As your editors are pure individualists refusing to cooperate with the current economic oligarchy, following our lead should be considered carefully.
In the event that silver fails to advance be assured that we are only building a larger base for a future test. If we break to the upside be assured that a test of $45 for SLV looms.