A subtle change in risk sentiment is happening in the financial markets over the last couple of months. The weakening US dollar together with an expectation that the Feds will start cutting interest rates later this year, is slowly pushing the price of silver higher and the metal is now outperforming gold. Silver bars have moved up more than gold bars in recent months.
The price of silver moved up by $3 in March, delivering the best monthly performance since December of 2020. The silver futures for May went up to $24.24 which is up nearly 4% for the week. This silver rally has caused the gold/silver ratio to improve to 82:1 which is the best levels in the last two months.
Fawad Razaqzada, market analyst for Forex.com, said this break below 86 is quite significant for a more bullish silver price going forward. The next technical level for the silver price is $24.50. Breaking this level silver can quite easily move up to around $25 or even $27.
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