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After the post NFP smash sub $27 to $26.96, silver has just popped vertically by $1 on no news to $27.84. The first burst took the metal to $27.50 where it paused briefly, and the 2nd pop has brought silver within striking distance of $28. Momentum for the move appears to be stalling, and we expect the cartel to come back in near $28 to prevent a weekly close above the critical level.
Silver’s vertical move:
Gold also popping- back above $1600, but strangely (compared to silver’s impressive strength) has yet to surpass its pre BLS release levels.
The fact that these moves are occurring well after the NFP release likely indicates the impetus is strong physical accumulation into the London fix, as physical demand continues to skyrocket on any dip in gold under $1600 and silver to $27.