Additionally, copper is going vertical, and platinum/palladium is also bid strongly, which leaves silver and gold oddly unsynchronized.
Nevertheless, it looks like a bearish breakdown below September lows is imminent. That support is near 21.70 USD and could be broken today. The next target for bears would be at the psychological level of 20 USD, afterward at summer highs near 18.50 USD.
Alternatively, if silver starts rallying, it needs to jump back above the 23 USD level to clear the immediate bearish threat. Until then, the medium and short-term trend appear bearish.
However, the long-term trend should be bullish as fundamentals are very bullish for precious metals, and therefore it is weird that precious metals are extremely underperforming other asset classes sensitive to the money supply.
