I know, famous last words.  But based on historical analogs I am looking at–namely palladium from 1995-2001–I think the positive cross of the MACD on the daily chart signifies a major pivot.

Now, that being said, I will caution that silver still hasn’t tested its 200 day MA, which is what I expected at this low.  Also, the daily stochastics indicator I use, as seen below, never reached oversold, which I was also expecting to occur at this low.

From here, I am expecting a fairly violent rally back to $34-35.  After that I am expecting an assault on $50 (I think it will exceed $50) by May.  Keep in mind that the last couple of weeks of the rally will see the biggest gains in the metal, so once we tag $34-35, I expect a bit of a slow burn that should culminate in a mini parabola.

[The more I look at the daily stochastics that I use, it is very very rare for a major bottom to get reached without that indicator reaching oversold levels.  Therefore, I am not going to rule out a test of the 50 week MA, which comes in at $28.46 at present.  Intraweek it could drop dramatically below that level as well.  That will definitely set us up for $50+ in 2025.]