Silver Price Forecast:
Almost a month ago I started looking at silver, presenting the possibility of a bullish breakout.. The breakout was immediate, with silver’s price behavior pushed up to a new seven-year high the following week, temporarily above 30 levels and then shrinking.
Since then, buyers have primarily helped to retain support. Silver prices have not kept up with the wider commodity space, which has seen fairly quirky movements in areas such as copper, lumber and tin.But – Silver also holds up much better than goldEven though the US dollar is weak, the ratio of gold to silver continues to plummet.
For silver prices – the big question is whether buyers are lined up to bring another breakout. And if so, they can finally demonstrate significant movements above 30 psychological levels. This has already helped create two reversals in the last seven months. Will the third time be a psychologically important 30-handle attraction?
Silver Daily Price Chart
— Written by James Stanley, Strategist at DailyFX.com
Contact James on Twitter to follow us. @JStanleyFX
Can XAG calm down and the Bulls force an SLV breakout?
Source link Can XAG calm down and the Bulls force an SLV breakout?