Silver has had a powerful move as of recently. I believe that it is coming into some strong resistance at the $25 mark, along side some weaking momentum on the smaller time frames. Silver gave back a great portion of its rally on friday after backtesting the rising wedge it broke down from the previous day. The 4hr chart exhibits some bearish divergences that are building in the Rsi and MACD. The divergences, coupled with consistent seasonality sell offs in November (last 9 years) , have me targeting the $22.50-$23 area in November. I believe that would be a great buy , subsequently coming into a strong month and quarter for metals, December and q1 2022.
This being said, silver can still muster up a move to $25 and even slighlty higher. Proceed with caution!
This being said, silver can still muster up a move to $25 and even slighlty higher. Proceed with caution!