Silver (ounce in $) Back towards $30 during the summer?
Analysis published on Thursday, May 4, 2023
While the price of gold is close to its historic highs, what about that of silver? As it tends to correlate with the movement of the yellow metal with a time lag, it managed to break out of $24 following a new leg up from a throwback to $20. Now, poor man’s gold tackles the most difficult technical part. But if successful, the savviest short-sellers could give ground.
Indeed, the price of silver has been near the long-term descending line since the all-time highs of April 2011 near $49. Its crossing would open the road towards $27. However, the bulls would feel uninhibited provided they tame this next resistance. With the possibility that the poor man’s gold would come back up to $30. Even better, a bullish extension above $30 would validate a potential entry into a secular bull market. Especially since the technical indicators have gradually moved beyond their respective waterlines in monthly units.
In the case of a backlash, it is from an overflow below $24 that we would temporarily postpone this beautiful summer scenario. But as we speak, the ultimate $20 warning zone remains distant at this stage.
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