Silver, the restless metal, has confused bulls and bears lately. Silver price analysis reveals the importance of $27.59 an Ounce. Going forward, silver should not violate this level, this is why.
RELATED – A Silver Price Forecast For 2024
In this article, we focus on silver’s bigger picture but we also zoom in to retrieve detailed though crucial information out of the silver chart.
Is silver ready to move to $50?
Well, we have said it plenty of times in the last 24 months: silver will move to $50 an Ounce, sooner or later, it’s unavoidable.
The only question is WHEN exactly.
RELATED – Will Silver Ever Hit $50 An Once? Here Is The Answer And Must-See Charts.
The importance of timing is very often misunderstood.
There are a few ways to look at timing:
- A market will start a bullish momentum trend when the conditions are right, not sooner. Investors are always in a hurry, they want to immediate returns. The market is not in a hurry.
- Similar to decisive price points on a chart there are decisive time windows on a chart. We do know that 99.99% of analysts focus on the price axis of charts; acknowledging that the chart has 2 axes, they miss out on 50% of the insights that the chart has to offer.
- Fibonacci analysis mainstream when it comes to price analysis but not timeline analysis. That’s odd because with Fibonacci timeline analysis a lot of new insights become available to analysts and investors.
The last 2 topics were illustrated by one of our articles released on Linkedin: The Most Insightful Silver Chart Analysis You Will Ever Read.
With all this in mind, you’ll understand why we agree with the following social media post but feel that the analyst is missing out on crucial information: timing of the big move in silver and timeline related decision windows.
I now think silver´s catch-up move has started.
Very big picture there is a massive divergence between $GOLD & $SILVER. Last time the two had a larger divergence like this, silver played catch-up big time. And this time, silver will break out of a 45-year cup and handle. So the… pic.twitter.com/4OBXy4e50m
— Graddhy – Commodities TA+Cycles August 20, 2024
The silver chart – time and price
In the article we published on Linkedin, we mentioned a few critical dates for silver.
We recommend readers to read the article to understand the specifics.
When it comes to price, we believe the market gave us a really important piece of information last week: the importance of $27.591 an Ounce cannot be emphasized enough.
In order to drive our point home, we visualized it on the spot silver chart:
- The green shaded area represent 3 or more consecutive days with a rise in the price of spot silver.
- In a silver uptrend, those 3-day uptrends tend to be respected. As seen, the recent drop in the silver price respected the multi-day uptrend in April.
- With this in mind, the recent multi-day uptrend is meaningful because it should be respected going forward.
More specifically, the $27.59 level is, by far, the most important price point for the remainder of 2024.
Within the precious metals universe, we discovered a really important breakout. It’s a breakout on a secular chart. Which one exactly? We shared this in our most recent premium gold & silver research note, released on August 24th, 2024, available in the restricted area of our site. Sign up to get instant access >>
