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Silver Outperforms Gold
3 April 2023Silver Institute Report 2023
20 April 2023The silver price has enjoyed quite a nice run over the last couple of months. The price went from $17.55 on 7/9/22 to $26.08 on 1/4/23. This is a 48.6 % increase.
The silver price has fallen back over the last couple of days to $25.07 at the time of writing, due to profit taking. This is standard practice for the big players. The pull back is mainly due to a surge in the value of the US dollar. The most important fact is that the uptrend is still intact. his means the silver price will start going back up again soon. Neils Christensen, from Kitco News, wrote an article on the current silver price movement. You can see the article here.
I have just completed a technical analysis study of the silver price and discovered some interesting information which I will now share with you. Looking at the silver price chart, I see a formation called an “inverted head and shoulder formation” The most important aspect of this formation is that it can give us a prediction of where the price will be going with a better than average accuracy.
The chart below shows the formation.
The image above shows an inverted head and shoulder formation which tells us that the price is going to rise. My calculations comes out to a price target of $32.26. This is very significant as it is $2 above the high that was made back in Dec 2020 of $30.50. If it does go to the target price, chances are it will go even higher.
Like I always say ” Don’t wait to buy silver, buy silver and wait” It will be well worth your while.