For now, it looks like the bulls may have caught their breath after last week's sucker punch and they just may have the ability to get silver back on track.
The markets are trying to move off their highly overbought condition. This dip is an excellent opportunity for those who are looking to get long the market.
The market is now in a highly overbought condition, which would lead me to believe that some short-term weakness may ensue.
Gold's $40 range between $540 and $580 may be tough to break anytime soon. The range is just wide enough to put the market in oversold territory at the bottom and overbought at the top.
With the dollar weakness, we may have seen a great buying opportunity develop in recent sessions.
There's probably a 50-50 chance that we've entered a consolidation range, similar to what we saw in the September/October period, where gold will trade on either side of $550.
May copper seems to have its sights set on the $3 mark.
There's a lot of upside left in the entire metals complex.
Silver, which got butchered because the slope of the daily chart began resembling the angle of a shuttle launch, seems to have found support as it approached the April lows.
Silver seems to have already entered a period of consolidation, which could lead to silver breaking out to new highs as gold continues to trade within its recent range.
