Silver is recovering early in Wednesday trading after being smashed to $28 overnight, with the metal already retracing half of its losses to $28.40.
Silver appears to be stalling however at the bottom of its 4 week trading range of $28.40-$29.50, and having broken out of that range to the downside, will likely see a $27 handle before selling subsides.
*Update: silver has now retraced its entire overnight smash with a vertical move to $28.70
Silver’s big smash began just after midnight, with a 2nd wave of selling beginning just after the London open:
*Update: vertical move in progress retracing the rest of overnight smash:
While gold remains stuck under $1600, it has been much stronger throughout the overnight session:
Gold needs to regain the $1600 level and surpass its recent high of $1615 to put the $1500′s clearly in the rear-view mirror.
*Update: Gold has also cleared resistance at $1600, with a last of $1609