Silver (SIZ25) fundamentals remain solid as geopolitical hotspots around the globe continue to produce safe-haven demand, generally easier world central bank monetary policies that hint of better consumer and commercial demand for silver in the coming months remain in place, and major industrialized countries hoard “rare-earth” minerals, including silver.
However, Thursday’s price action in December silver futures saw a bearish “key reversal” down pattern form on the daily bar chart — whereby a new contract high was hit early in the session. So Thursday’s daily price high was above Wednesday’s daily price high. Prices Thursday then backed off sharply to close solidly down, with the session low price being below Wednesday’s low. The key reversal down is one technical clue of at least a near-term market top being in place for silver.
