Silver BACK to $24 By Summer
Charts, charts, and more charts -- everyone ignores the massive elephant in the room. Silver will fall back to $24 by summer. Notice the massive resistance that hits in August, as Coronavirus vaccine news begins to take hold. Silver failed to break the big $30, which would've been critical and necessary support. And we consolidation between October 2021 and now, accounting for the "social media blitz" even still. Everything about this is centered on Coronavirus, the dollar, and the economy. And notice that silver dipped on its temporary climb in Q3/Q4 2021 each time news about vaccination and stimulus came out. Now, as the country (and the world) begins to move into a phase of earnest recovery, we have more consolidation. We have some retails and FOMOs thinking it will 'moon' and jumping on the Reddit bandwagon. This is a false play. Silver continues to test resistance and can't even get past $27.50 reliably, all while the Fed plays into massive inflationary stimulus. If that can't 'moon' silver past $30 to $35, nothing will, save for an increase in manufacturing and EVs (long play).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.