Q2 Trade Idea – Is it Time for Silver to Shine Brighter
Silver is still doing well due to the current economic situation. People are worried about inflation and recession, which is helping to keep the price of silver up. It looks like this trend might continue into the next quarter, so we could see the price of silver go even higher and maybe reach some new levels.
Silver has been doing really well since mid-March. In fact, it’s rallied around 17% since its swing low on March 10th. This is pretty impressive, especially because it’s traded through some important moving averages. Basically, this means that the rally is legit. Silver has been making higher lows and higher highs, and its next target is just above $24.50. If it can break through that level, we could see even more gains up to $26.21 or $26.94. However, right now the CCI indicator is showing that silver is overbought, so there might be a bit of a pause before it goes up again. Overall though, things are looking pretty good for Silver!
Silver daily price Chart
Silver has been underperforming against gold since mid-December 2022. However, there’s been a recent rally that’s broken the downward trend in the last couple of days. The pair is now above the 20-day moving average and close to both the 50- and 200-day moving averages. If it breaks above these levels, we could see even more upward movement for the silver/gold spread. Just a heads up though, the pair is in overbought territory so we may see a period of consolidation in the short term. Thanks for listening!
Silver/Gold spread daily price chart
Even though the charts suggest the recent increase might be too much, they also indicate that silver is looking great and could outperform gold. In fact, it’s possible that over the next three months, silver could shine even brighter!
