Silver Futures––Silver futures in the May contract is sharply higher this Wednesday afternoon in New York up another $0.70 at 26.55 an ounce or 2.73% as prices are now hovering right near a 6 week high. If you take a look at the monthly chart the 24 level held on multiple occasions as it looks to me that will be the bottom and as I’ve talked about in many previous blogs I do think prices will cross the $30 level in the coming weeks or months ahead.
The U.S dollar has stopped its short-term rally which is a bullish fundamental factor towards prices coupled with a resurgence of Covid infections throughout the world raises the prospects of new lockdowns, which could hurt the rebound in growth and force central banks to maintain or even expand stimulus measures.
Silver prices are trading above their 20 and 100 day moving average as the trend is strong to the upside as the entire precious metals across the board are higher once again today as I think this is just the beginning of a long-term secular bullish trend. Quantitative easing continues to push asset prices higher as I saw this in 2011 and the exact thing is occurring once again so stay long.
CHART STRUCTURE: POOR
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