Silver has been trying to break out above its 200-day moving average on several occasions in recent months, and after several attempts it looks like the bulls are finally managing that today:
Silver still needs to close above the 200 MA for confirmation, but given gold’s earlier breakout, and rising risk aversion in the markets, it looks like a strong probability now.
A decisive break will also break the bearish trend line, in a further blow to the bears.
The immediate upside target would be the psychologically-important $25 handle, but there’s no reason for it to stop there and reverse.
Indeed, the prior lengthy consolidation inside a wide range means the market has decided that it wants to go higher, and as such I would be looking for a move towards the highs it reached in 2020 around $30.00 in the coming weeks.