SLV - Silver - Breaking Through Key Resistance (Technical Analysis)
2024-05-20 13:00:02 ET
Summary
- Gold achieved its first weekly close above USD 2,400, while silver has been breaking through its key resistance zone around USD 30.
- The Gold/silver ratio dropped significantly, indicating silver is outperforming gold.
- Silver is now poised for a final surge in the coming weeks, potentially rallying up to USD 35. Even USD 50 not completely impossible.
- However, silver's arrival to the party indicates the final chapter of this bull-run that started back in October 2023.
After gold prices reached a new all-time high of USD 2,431, a sharp pullback between mid-and late-April created confusion and misjudgments even among leading analysts. Nevertheless, a strong recovery found its way back to the top. While gold (XAUUSD:CUR) as well as the SPDR Gold Shares ETF ( GLD ), the iShares Gold Trust ETF ( IAU ) and the Sprott Physical Gold Trust ( PHYS ) achieved their first weekly close above USD 2,400 ever, silver has been breaking through its key resistance zone around USD 30!...
Silver - Breaking Through Key Resistance (Technical Analysis)