Silver just exceeded the 2016 high ($21.23) – the next 24-hours are critical. If silver rallies through $22.00, we could see a short-covering rally that shoots prices to $25.00+ rather quickly.
However, it is important to note that silver will sometimes spike just above a previous high before reversing sharply lower. This is still a possibility as prices probe the $21.20 – $21.50 area. Dropping back below $20.00 would support an intermediate cycle peak.
In miners (GDX), we can ratchet up the bearish reversal level to a daily finish below $40.38.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.