May 11, 2020 – Gold and silver markets are inching closer to embarking on new uplegs. Silver outperformed last week and appears to have the momentum behind it to lead a fresh precious metals breakout (more on that below).

Gold : Silver Ratio (as of Friday's closing prices) – 109.7 to 1

Silver prices will run into some overhead resistance just above the $16/oz level. Once broken, that technical line on the weekly chart could serve as a springboard for a run toward $19/oz – and ultimately higher.

Zooming in on the daily chart, silver is trading solidly above its 50-day moving average for the first time since late February, suggesting a breakout is indeed in progress.



Check out live precious metals prices here:
https://goo.gl/gy5XMA