I believe silver prices confirmed a bullish breakout in July 2020. The initial surge has paused, and prices are pulling back into the next significant buying opportunity.
Silver Bull Market
After lagging gold for some time, silver finally broke above the long-term trendline and confirmed a new bull market. The global health crisis triggered unprecedented stimulus and debt expansion. Silver is ultra-sensitive to inflation and has responded accordingly. I am VERY BULLISH on silver long-term.
Technical Note: A pullback could examine (backtest) the July 2020 breakout area near $20.00. From the next low, I believe prices could resume the bullish breakout and reach $35.00 – $50.00 in 2021. Longer-term, I believe silver is going well-above $100 per ounce.
Silver Chart: The breakdown phase has begun into the next cycle low. Ideal support arrives between $19.00 – $21.00.
Targets may change depending on near-term volatility. Premium Members receive daily updates.