The lack of exercise described (see analysis: 21-26-30 USD: The well-known triad!) is also reflected in the monthly chart. Not only that the price of silver is at the level of three years ago and therefore at the level of 2010. Over the course of the year so far, the precious metal has also fluctuated sideways within narrow limits between USD 20 on the lower side and a good USD 26 on the upper side. On balance, investors’ patience will be put to a severe test. But as already mentioned: This is often the basic prerequisite for an end to lethargy. From a chart perspective, there was a textbook test of the long-term 200-month line in October (currently at USD 20.39), before the subsequent recovery took the precious metal back above the Ichimoku cloud, another Ichimoku resistance (USD 22.24). as well as the upper limit of a supposed flag correction (currently at 22.63 USD). Ultimately, the latest price development could turn out to be a trend-confirming formation. However, a rise above the various high and low points at USD 26 is likely to trigger sustained new upward momentum. If successful, the unloading of the pent-up momentum should quickly bring the multi-year highs at $30 back onto the agenda.
Silver (Monthly)
Source: Refinitiv, tradesignal² / 5-year chart attached
5-year chart silver
Source: Refinitiv, tradesignal²
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