Silver Technicals & Targets
As I stated in my recent targets on the metals, I gave 24.60(50day mvg avg.) as my first target for silver. That was tagged Friday which was very positive.(Not withstanding today’s takedown to allow one last round of short covering before the FED meeting.) Since the silver squeeze high around 30 in Feb. 2021, silver had been making lower highs during this 2+ year correction. The recent set of new highs in April and May has marked a major change and turning point. This week, silver will start to embark on the road back up to and through that $30 high. It may be slow and methodical(which is what I stated I was expecting for gold) or it could be a rapid surge that gets to and thru 30 by the end of the week. While the slow, methodical stair step rally is more likely, the supply situation in silver and the near end of the Comex manipulation and control, make the explosive surge thru 30 not only possible but ineveitable.(it is just a matter of when, not if.)
Oh, how many times I have heard such prognostications. Not necessarily from you, but from many, many folks.
NEVER happens. NEVER!!!!
I don’t blame your skepticism since this has been going on for decades. Stay positive as changes that have never occurred before are now taking place. Some have been subtle and most don’t notice or choose to ignore. They are real and since they are changing the market dynamics it will become apparent in the price behavior soon.