While the price of gold rose by over USD 200 last year, the investment motto for the “little brother” is “nothing but expenses”. After all, the price of silver ended the year pretty much where it started ($23.93) ($23.76). As a result, a classic “doji” is expected for 2023. But that’s not all, because at the same time last year’s trading range remained within the previous year’s counterpart. The latter results in an “inside year” (see chart). In the last three years, the closing prices have also been in a narrow price range between USD 23 and USD 24. From the phenomena described, investors can identify a “pent-up dynamic” in the price of silver. We define an increase above last year’s annual high of USD 26.13 as a signal that this is unloading to the north. After all, this is the level from which the stated “inside year” is resolved upwards. On the other hand, the neck zone of the bottom formation of the last decade at USD 21 is predestined as a strategic hedge. The striking fuses of the last two years testify to successful tests of this core support.
Silver (Annually)
Source: Refinitiv, tradesignal² / 5-year chart attached
5-year chart silver
Source: Refinitiv, tradesignal²
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