I've summarized an article by Jesse Colombo, Financial Analyst from Money Metals below on what he sees coming in the silver market... |
| **Silver Breakout: Bull Market on the Horizon**
Silver futures have finally broken out of their prolonged consolidation phase, signaling a potential bull market. While silver has moved decisively above the critical $35 mark on strong volume, I’m still watching for additional confirmations before declaring a full-scale breakout.
For the past year, I've highlighted the importance of a high-volume move above two key resistance zones: $32-$33 and $34-$35. The recent surge, fueled by factors like China's rare earth export curbs and U.S. economic uncertainties, suggests that silver is poised for a significant upward trajectory.
The main form of silver I track is COMEX silver futures, known for their $1 increment support and resistance levels, providing a clearer picture of trading volume and institutional movements. With silver now above $35, the stage seems set for a potential climb to $40, $50, $60, and beyond.
Further confirmations I’m monitoring include:
1. **Synthetic Silver Price Index (SSPI):** This index, derived from gold and copper prices, needs to break above the 3,000 level. Although it didn't close above this threshold yesterday, momentum remains strong.
2. **Euro-Priced Silver Breakout:** A decisive breakout in euro terms would further validate the bullish trend.
3. **U.S. Dollar Index (DXY) Breakdown:** Historically, a weaker dollar boosts commodities. A decline below the 98 support level could propel silver and related assets.
In addition to silver itself, I’m bullish on silver mining stocks and ETFs. Large-cap miners, tracked by the SIL ETF, are nearing crucial resistance at $48-$52, with potential for explosive gains. Similarly, junior miners, tracked by the SILJ ETF, are set to surge once they break out of their long-term triangle pattern.
While yesterday's breakout is promising, I await these confirmations to confidently announce the long-anticipated bull market in silver. Stay tuned for more updates as this exciting market evolution unfolds.
To Your Success, Paul Hanson
P.S. For over a decade, I've closely tracked the silver and gold markets, aligning my insights with top financial analysts and investors like Warren Buffett, who are betting on silver for substantial returns. I've also collaborated with an innovative gold and silver dealer transforming the industry, making it seamless and hassle-free to invest in these precious metals. To learn more, simply reply to this email or visit goofproofmoney.info. Don’t miss out on this opportunity to secure your financial future! |
| |
|
