Can Silver continue its 20% run higher?

May 14, 2021

By Admiral Markets

While momentum in most asset classes has waned during the second quarter, silver prices have been steadily rising over the past month.

Around 50% of the demand for silver comes from the industrial sector, with the rest from investors.

This helped silver to outperform gold over the pandemic with many analysts forecasting higher prices.

Source: Admirals MetaTrader 5 Web, SILVER, Weekly – Data range: from Aug 12, 2012, to May 13, 2021, performed on May 13, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results. 


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The long-term price chart of silver shows a strong break from technical resistance during August 2020 around the ~$21.68 price level.

Since then, the price of silver has ranged in between horizontal support and resistance on the weekly chart, as well as the daily chart.

Source: Admirals MetaTrader 5 Web, SILVER, Daily – Data range: from Jun 24, 2020, to May 13, 2021, performed on May 13, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results. 

 

On the daily chart, the price has recently bounced from circa. ~$24.00.

If the trend can continue higher towards the next major swing high just below ~$30.00, it will represent a near 20% push higher.

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The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:

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By Admiral Markets