Silver Bull Market
After lagging gold for some time, silver finally broke above the long-term trendline and confirmed a new bull market. The global health crisis triggered unprecedented stimulus and debt expansion. Silver is ultra-sensitive to inflation and has responded accordingly. I am VERY BULLISH on silver long-term.
Technical Note: A pullback could examine (backtest) the July 2020 breakout area near $20.00. From the next low, I believe prices could resume the bullish breakout and reach $35.00 – $50.00 in 2021. Longer-term, I believe silver is going well-above $100 per ounce.
Silver Chart
The breakdown phase has begun into the next cycle low. Ideal support arrives between $19.00 – $21.00.
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