Yesterday I noted that the markets (PM and non-PM) in March had behaved much like the old English proverb about the weather in that month: "In like a lion and out like a lamb". Gold closed on 1st March at $1725 and silver at $35.50, before they cratered later in the month to $1625 and $31.25, respectively, and then climbed back to close the month at a timid $1668 and $32.28.
Yesterday's post dealt exclusively with gold and its miners, and I concluded that the outlook for both - from a technical analysis standpoint - was very bullish for April. Today I'll take a look at silver. Will the grey metal follow its bigger, yellow sister to cheer up all the silver bugs?
Let's kick off with the daily chart, which, as with gold, is exhibiting quite a fine inverse head and shoulders formation that looks like its due for either confirmation or failure any day now.
