There's no sugarcoating it: The past month has been unkind to the price of silver.
But strong evidence indicates the drought could end soon.
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Why the Price of Gold Today Is a Sure Bargain
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The price of gold has managed to churn a few stomachs in the past month, but the data makes these lows look more like the growing pains.
Why the Price of Silver Is Still Climbing
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The price of silver has been in a holding pattern since late February, but the Fed's recent announcement was enough to push silver from $15.30 to $15.50.
Now, it's looking more like the silver price's correction has run its course and the metal is preparing itself for the next run higher.
Here's Where the Price of Silver Is Headed in March
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The price of silver gyrated last week, exhibiting more volatility than gold.
It was a story of three steps forward, one step back, as the metal reached back above the $16 mark, but was unable to hold that level.
Like gold, silver prices looked like they had finished consolidating, before the end of last week.
How the Price of Gold Could Be Getting an Even More Bullish Catalyst
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The price of gold consolidated again last week, but that stage of the climb might already be over. If the "golden staircase" pattern continues, gold prices could jump higher again soon.
In fact, gold could get an even more bullish catalyst this year.
Here's my latest update and gold price target...
This Technical Development Could Drive the Price of Silver Higher from Here
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The price of silver started consolidating in late January and continued through the past week.
While silver prices dropped a little lower late last week to the $15.55 level, they quickly reversed and have already come close to the recent $16 ceiling.,
And all of this has happened while the U.S. dollar index tacked on as much as 150 basis points.
Despite recent dollar strength, a dovish tone from the Fed may have capped rate hikes this year.
That may limit the dollar's rally and boost the silver price as we move further into 2019.
Gold Prices Rallied 32% the Last Time This Pattern Appeared
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Gold prices traditionally move inversely to the dollar.
But when they move higher together, it could mean a breakout to the upside is coming.
And that's exactly what we're seeing right now...
This New Catalyst Should Drive the Price of Silver to New Highs in 2019
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Since peaking just above $16 in late January, the price of silver has moved into consolidation mode. In fact, in last week's update, I told you not to be surprised about any pullback going forward.
So far it's been a pretty mild correction in silver prices, which have dropped from a $16.07 peak to their current level near $15.65. Still, the precious metal is up 12% since November and has held up well despite recent strength in the U.S. dollar.
What the "Golden Staircase" Pattern Means for Gold Prices This Week
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Even though gold prices broke out in a big way to start the year, they've reached a lull in February.
But this is actually a good thing.
Here's Where the Price of Silver Is Headed Now After Jumping 15% in 3 Months
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The price of silver enjoyed a bullish uptick over the past week, so any pullback now should come as no surprise.
In fact, silver prices rallied 5.7% in the last 10 days of January, and a stunning 15.3% from mid-November.
A near-term consolidation in silver prices would not only be expected, it will be healthy as such dramatic gains are digested before the next move.
I fully expect that move to be higher for a number of reasons.
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