Silver, the restless metal, has been confusing bulls and bears lately. Silver Price Analysis Reveals the Importance of $27.59 per Ounce. In the future, silver should not violate this level, and this is why.
RELATED – A Silver Price Prediction for 2024
In this article, we focus on the bigger picture of silver, but we also zoom in to extract detailed but crucial information from the silver chart.
Is Silver Ready to Go to $50?
We’ve said it many times over the past 24 months: silver will go to $50 an ounce sooner or later, that’s inevitable.
The only question is WHEN exactly.
RELATED – Will Silver Ever Reach $50 at a Time? Here you will find the answer and the must-see graphs.
The importance of timing is often misunderstood.
There are a few ways to look at timing:
- A market will start a bullish momentum trend when conditions are right, and not before. Investors are always in a hurry, they want immediate returns. The market is in no hurry.
- Similar to decisive price points on a chart, there are decisive time windows on a chart. We know that 99.99% of analysts focus on the price axis of charts; If they recognize that the diagram has two axes, they miss 50% of the insights the diagram has to offer.
- Fibonacci analysis is mainstream when it comes to price analysis, but not timeline analysis. That’s strange, because Fibonacci timeline analysis makes many new insights available to analysts and investors.
The last 2 topics were illustrated by one of our articles on Linkedin: The most insightful Silver Chart analysis you will ever read.
With all this in mind, you’ll understand why we agree with the following social media post, but feel the analyst is missing crucial information: timing of the big move in silver and timeline-related decision windows.
I now think that silver has started to catch up.
Very large image, there is a huge difference between them $GOLD & $SILVER. The last time the two had such a bigger difference, silver was playing catch-up. And this time, silver will break from a 45-year-old cup and handle. So the… pic.twitter.com/4OBXy4e50m
— Graddhy – Raw Materials TA+Cycles August 20, 2024
The silver card – time and price
In the article we published on Linkedin we mentioned some critical dates for silver.
We encourage readers to read the article to understand the details.
When it comes to price, we think the market gave us some very important information last week: the importance of $27,591 per Ounce cannot be overstated.
To make our point clear, we visualized it on the spot silver chart:
- The green shaded area represents 3 or more consecutive days of an increase in the price of spot silver.
- In a silver uptrend, these three-day uptrends are usually respected. As seen, the recent one fall in the price of silver respected the multi-day uptrend in April.
- With this in mind, the recent multi-day uptrend is meaningful as it should be respected going forward.
More specifically, the $27.59 level is by far the most important price point for the remainder of 2024.
Within the precious metals universe, we have discovered a very important breakout. It is a breakthrough on the secular map. Which one exactly? We shared this in our most recent premium gold and silver research note, released on August 24, 2024, available in the restricted section of our site. Sign in to get instant access >>