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The oscillators are staring to cross to the downside on a daily level in both gold and silver. Today produced the highest daily closing for silver, but it failed to elect the Daily Bullish at 1733. Given the fact we also exceeded 3 Weekly Bullish Reversals last week but FAILED to close above them on Friday was another warning that the market may be unable to sustain the rally much longer.
The two primary targets are 1775 and 1849 just beneath last year’s high of 1850. Without exceeding last year’s high, there is nothing to get excited about just yet. Now, we have generated a perfect set of Daily Bearish Reversals at 1684.5. This is a rare event for to accomplish such a feat is by no means easy. This now warns that if silver fails to make new highs this week and turns down closing below 1684.5, we may indeed see a collapse back to retest the 1525 zone.