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Silver isn’t looking as healthy as gold given that it has sizable resistance in the 28s that recently thwarted a further advance on two occasions recently. Furthermore, not only has resistance been difficult to overcome, but channel support broke last week.
A break outside the channel doesn’t necessarily turn the trend lower, as silver is still tracking sideways, but it does increase the likelihood that weakness could become a theme. If 27.04 breaks, then the March 2020 trend-line will become targeted as a major level of support.
On the flip-side, if silver keeps trading sideways then it could build up the power to finally push on towards the highs from earlier in the year. A firm breakout towards 29 will be needed to really get silver into some open space.
For now, outlook is neutral until we see support or resistance give-way.
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