Silver Reverses After Warsh Speech, Bull Trap or Correction?

Silver's recent attempt to surge above $72 was cut short as it reversed heavily after Federal Reserve Chair Kevin Warsh's Jackson Hole speech.

The reversal brought silver prices back down toward $67.80, turning what initially appeared to be a bullish breakout into a classic bull trap according to analyst LBoard.

LBoard believes that the current technical correction may not be finished yet and another move toward approximately $62.70 cannot be ruled out before a sustainable recovery begins.