Silver: bullish formation in progress

The precious metal, industrial par excellence shows a bullish conformation, both on a weekly and monthly basis. The formation of a pennant, which identifies a moment of slowdown of the trend in place is then destined to resume its run.

The prices are currently supporting in the area of 25.30 $/ounce, the lower part of the formation, with good chances of seeing them again towards the upper extreme that transits now in the area of 28.30 $/ounce.

It will be the break up of this level to decree the resumption of the uptrend in place since March 2020, with possible medium/long-term targets in the area of 30 $/ounce – 35 $/ounce and potentially 40 $/ounce.

In this context, the current movement can be used to enter into a long position (buying) on the precious metal, increasing positions until the breakthrough of the level mentioned above (28.30 $/ounce).

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