After trading in the shadow of Wednesday’s chart overnight and throughout the early morning, silver has just broken algo control with a vertical move to the upside. After breaking below $29.70 in early trading, silver has just shot up .80 nearly vertically to $30.59.
Gold has also made a strong move to the upside, and is back into the mid $1660’s.
Silver’s short covering pop through $30 to $30.50:
Gold following Wednesday’s price action, but yet to clear $1665:
While it is too early to call a bottom to the recent correction/ take-down post the QE4 announcement, the past 2 day’s action is encouraging to PM investors, as silver refuses to stay below $30, and gold refuses to penetrate $1650 to the downside. Continue to watch these critical support levels during further attacks/ weakness.