(Kitco News) – Monday’s sturdy beneficial properties within the silver market have centered extra dealer and investor consideration on the steel that many time period gold’s little brother. Certainly, safe-haven demand has pushed each silver and gold costs solidly larger since early-summer. Right now’s burst in silver costs to a two-week excessive has considerably improved the near-term technical posture for that market. Close to-term chart resistance for silver now lies at $19.00 after which at this yr’s excessive of $19.75, foundation December Comex futures.
An examination of the longer-term month-to-month continuation chart for close by Comex silver futures ought to have the bulls licking their chops. If silver costs can push above sturdy longer-term technical resistance on the $20.75 space, then bulls would achieve considerably extra longer-term technical energy, as upside potential actually opens up for sizeable beneficial properties that may not be measured in cents, however in {dollars}.
See on the month-to-month chart relationship again over 50 years that as soon as silver costs crack the $20.00 degree or simply above, main upside potential exists. Even silver costs buying and selling at $25.00 an oz. could be nowhere close to the excessive of $49.82, foundation close by futures, scored in April of 2011. The document excessive in close by silver futures costs was scored in January of 1980, at $50.36. Nevertheless, veteran silver market watchers nonetheless debate the precise document excessive value scored in silver, as when these spike highs have been made, the “bid and ask” spreads have been possible very broad amid extremely unstable buying and selling.
 |
Disclaimer: The views expressed on this article are these of the writer and should not replicate these of Kitco Metals Inc. The writer has made each effort to make sure accuracy of knowledge supplied; nonetheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text don’t settle for culpability for losses and/ or damages arising from the usage of this publication.
