Loading ...Technically Important
In these early morning hours, silver is trading above $28 spot. This is the highest price of the trading week and is technically important. I believe it is the FIRST important step before silver can make additional progress higher.
It is likely to be constrained by both the 20 day and the 50 day mvg. averages, but at least it is now working higher. It may take weeks before it reaches and challenges it’s high for the year at $32.60 or so. At least the correction is over, it bottomed last week and will be slowly heading higher from here.
I believe it’s going to be a quick rise to new highs. Later in the year silvers will eventually likely test its 200 dma at a significantly higher level
Once it does get above this year’s high, it will be fairly quick getting to and thru $50. The move to and thru $32.60, is unlikely in August.
Interest rates are going to spike higher, forcing the fed to QE.
Also, I have my serious doubts about whether silver can test $50 in its first break past $32.
I think it could come close, but I think $36-42 is a more likely target, followed by a very gradual retracement back to $32 over 5-6 months. From that retracement, sometime in very early 2025, I expect the assault on $50 to finally occur. I think there is a decent chance we will blow through $50. After that peak is reached (maybe $60-70? if we don’t stop at $50) I am expecting a long 9-12 month correction will will set us up for the final blow off which will likely see silver go up 2-4X. So $100 to $200 is my target for silver.