Commodities Analysis by Michele Schneider covering: XAG/USD, US Dollar Index Futures, Silver Futures. Read Michele Schneider's latest article on Investing.com
This precious metal has had a big correction off the recent highs, yet now the price is approaching the support levels where it broke out from in late March.Is this time different?
On the monthly chart not featured here, silver spent 7 months above the 23-month moving average or in a bullish 2-year business cycle. On the futures chart of May featured here, on April 2nd, silver cleared $26.00, a level not cleared since April 2023.Silver cleared $26 but for only 3 weeks. Then it gapped lower in early May 2023 and did not clear that level again for a year.Maybe more a reason that Silver is taking time to really go parabolic.For now, though, we like it when the weaker bulls shift-it gives us a chance to add to a position with a much better risk.
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