Silver Breaks Key Technical Levels, Surges 7% in a Day – Is a Silver Squeeze Imminent?
Silver has broken through key technical levels, surging 7% in a single day, leading to speculation about a potential silver squeeze. As a top investment manager, I’ve been closely monitoring silver’s progress and have released a detailed report on what lies ahead for the silver market.
In my latest update, I outline several crucial factors to watch to track silver’s trajectory, confirm its breakout, and identify important price targets. The $32.50 level has been a focal point for me, and silver’s decisive close above it with strong volume signals a confirmed uptrend. Despite a 3.33% pullback, silver remains above $32.50, establishing it as a new support level.
Additionally, I’ve been closely watching silver priced in euros, which has surged above the €30 level, indicating a strong bullish trend. The Synthetic Silver Price Index (SSPI), which combines silver and gold prices, has yet to confirm a breakout, suggesting that silver’s rally may lack full staying power.
Gold’s recent performance, breaking above $2,700 and remaining in an uptrend, bodes well for silver’s rise. Copper, another key driver of silver prices, is nearing a support level, which could spark a rebound and propel both silver and the SSPI higher.
Monitoring silver mining stocks, such as the Global X Silver Miners ETF (SIL) and Amplify Junior Silver Miners ETF (SILJ), provides further confirmation of silver’s upward trajectory. The gold-to-silver ratio indicates silver’s outperformance, supporting the ongoing bull run.
Despite the dollar’s recent strength, commodities like gold, silver, and copper have held steady, hinting at their resilience. A potential reversal in the dollar’s strength could further support commodity prices, especially copper.
By analyzing historical charts and drawing parallels with past trends, I anticipate further upside potential for silver as it navigates through potential resistance areas. The breakout above key levels and strong performance of related assets suggest a positive outlook for silver investors.
In conclusion, the recent surge in silver prices and supportive factors indicate a bullish trend for the silver market. By closely monitoring key indicators and staying informed about market developments, investors can capitalize on potential opportunities in the silver market. Silver Breaks Key Resistance Level, Setting Stage for Major Bull Run
Silver has recently surpassed the crucial $32.50 level, signaling the start of a significant uptrend. The next target is a strong volume close above the $34 to $36 resistance zone, which has been a major hurdle since 2011.
As the bull market progresses, each level that is surpassed becomes a new floor, leading to the next resistance level. Silver’s breakout above $32.50 is just the beginning, with potential for much higher prices if the $34 to $36 zone is conquered.
Key factors to monitor include copper’s performance, as well as the Synthetic Silver Price Index. Gold’s strong showing is already providing support, and silver mining stocks like SIL and SILJ are confirming the bullish trend.
In summary, silver’s recent breakout is a promising start to a potential bull run. Investors should keep a close eye on key levels and indicators to gauge the market’s progression and potential impact on their finances.