Silver peaked at $32.75, fell to $30.24, rose to $32.51, and dropped again to $30.44. Testing under $30, the breakout point, is possible. Strong support is evident down to $28.
Silver suggests that wave ii did indeed end at 18.01, and we are working on a powerful wave iii rally that is full of nested bullish waves, as shown on our Daily Silver Chart.
The price action in silver is currently far stronger than gold. The pullback to the $30 area features a potential inverse H&S bull consolidation pattern, which is bullish.
Gold’s record-setting rally may have captured the headlines, but silver is running harder and faster as the less glamorous metal benefits from financial and industrial demand.
July Silver broke out on the weekly chart with enough force to imply it will reach a minimum of $37 an ounce. That would represent a 16% move on top of the already impressive 28% gain...
With prices closing around $31.50, the strong resistance zone is already broken. The next target now sits around $35. Above that, the all-time high at $50 would be coming into play.
The breakthrough over $30 was far more than expected and the next targets are $39/$40. The mark had stood at $30.35 since February 2021. Silver closed the past week at $31.26.
