| The price of an ounce of silver broke through the resistance level at $21 and continued to rise to $22.75, a level not seen since 2013!
Over the last few weeks investors have been taking advantage of any pullback in the price of silver to add to their positions, which has continued to underpin this run higher. |
Silver price rose to 21$ - Click to enlarge |
| The break of $21 dollars is significant and could be viewed as confirmation of the start of a bull run for silver. A test of the resistance level at $25 could now be on the cards.
Note however that Silver is still trading at less than 50% of its 2011 high while gold while gold is close to 97% of its 2011 high. Silver price moves tend to lag that of gold but when they do start to move that move tends to be far greater than those of the yellow metal. Silver’s price moves will be more volatile and don’t expect it to move in a straight line higher. There is bound to be some pull back in the price as short term traders take profit and short sellers protect their positions. However, the outlook for silver is looking very good at the moment!
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The next major resistance 25$ - Click to enlarge |
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