EDITOR NOTE: Strategists at Commerzbank believe that silver has hit its price floor and is now on the way to recovery. They now predict there will be a continued upward trend in the price of silver, saying, “We will for now maintain our longer-term bullish bias.” Precious metals like silver are a smart long-term hedge against inflation, market crashes, and devaluation of the dollar, all of which look like they are coming in 2021. Getting in on non-CUSIP silver and gold now, as the bull market may just be getting started, could be a good way to protect your wealth against the coming economic downturn.
Silver’s spike lower is viewed as exhaustive and held over a major band of support. Strategists at Commerzbank would allow for consolidation and recovery.
“Silver saw complete rejection from the 200-day ma and sold off aggressively towards the long-term pivotal support at $21.87/17. It is considered to be a major band of support. Given that the market has spiked down to this area and recovered we will for now maintain our longer-term bullish bias.”
“Initial resistance is the $23.76 March low and $24.46 the 27th July low but tougher resistance is not encountered until $26.07, last week's high.”
“Below $21.17 (not favoured) would see another leg lower to the $20.75/50% retracement and then the 200-week ma at $18.88.”
Original post from FX Street
Energy officials are downplaying it. Analysts say “it’s too early.” But behind closed doors, contingency…
A year of aggressive tariff swings, legal reversals, and rising economic pressure has done more…
Wall Street is celebrating. The headlines say “peace,” the markets surge, and the talking heads…
You’re being told this is just another Middle East conflict and rising tensions in Asia—but…
While headlines focus on war and inflation, central banks around the world are quietly stacking…
The headlines say rising grocery prices are an unfortunate side effect of war. That’s not…
This website uses cookies.
Read More