Can Silver continue its 20% run higher?
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.
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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