In our Trade of the week series, we talk about Silver. Is the Silver big breakout point right around the corner? Bulletproof Traders in-house trading activities presents our current overview on the Silver.
Up until a couple of weeks ago we were still having bearish feelings about the next big move in the Silver. However, after the quick bounce back to the big key level of $27.90 could be a strong indication that the Silver is back on the upside, big time.
The powerful resistance of $27.90 will provide a significant testing ground for the foreseeable future. We strongly suspect that the price of Silver is well on it’s way towards the next big resistance at $34.90
Considering the fact that the closely related Gold had already passed it’s all time high from 2011, we should expect that the Silver will do the same and catch up with it’s own old time high that was determined at that very same year around the levels of $49.50.