Gold and silver are both spiking early in COMEX trading after hitting lows of $32.20 and $1732 in the overnight London session. Silver has bounced off it’s 50 day moving average overnight, a sign the current correction may be completed.
Thursday afternoon’s access market smash and the early Friday rally have painted a large cup on silver’s daily chart. More importantly, silver is back above $32.50, targeting $32.75. Silver needs to continue its rally and close back above $33.
The spike could be related to market rumors this morning of a massive silver delivery request from the COMEX Friday.
Silver’s cup on the daily chart….is a $32.70 handle coming?
Gold also rallying towards $1750: