I will not bore you with the mathematical details as to how I calculated the resistance, but 31.73 is coming up as a very strong point for me over the coming week.
We are inching towards a breakout level at $31.50, suggesting new yearly highs for silver are close. Silver is also leading, which it should in a bull market.
The late silver analyst Theodore Butler suggested BofA held a billion ounces or more of silver in the over-the-counter market. This short position could someday ruin them.
Sound money advocates celebrate as New Jersey’s Senate Bill 721 is signed into law, removing sales taxes on gold, silver, and other precious metals over $1,000 starting January 1, 2025.
Maharrey concludes that silver appears to be significantly undervalued compared to gold. With strong technical patterns and robust supply-demand fundamentals, silver is poised for a potential breakout.
Silver is vital in 5G infrastructure, used in antennas, connectors, and circuit boards to enable high-speed data transmission, minimize signal loss, and boost device power efficiency.
When you put the technical factors together with the fundamentals, there appears to be an extremely strong bullish case for silver with significant upside.
Support is now in the $28/29 region. As long as that holds, this set-up is projecting us to an ideal target between the $36.50-40 region in a very strong and relatively fast rally.
