SLV

Silver Outlook – Technical Setup Supports Summer Price Spike

FXEmpire.com -

Confirmation of this trend would be a breach above $30.00, likely triggering a surge towards $40 between June and August.

Should prices fail to overcome the $30.00 mark in May, the next opportunity will arise following the next intermediate cycle low expected in the first half of June.

Presidential Election Silver Spikes

Volatility increases ahead of presidential elections as markets anticipate leadership change or more of the same. In 2016 and 2020, prices spiked into July and August respectively, setting up a potential repeat in 2024. A short-covering rally could drive prices towards $40 by late summer, with a spike to $50 possible.

Metals and Mining Update

Gold

Gold is breaking away from its consolidation pattern and could make fresh cycle highs in May. To promote this view, I’d like to see one or more closes above $2400.

Silver

Silver is breaking strongly from the consolidation pattern and could reach fresh highs in May. Should prices break through $30.00, the ingredients are in place for an explosive rally.

Platinum

A breakout above $1000 appears imminent and could spark an explosive move towards $1150.

GDX

Miners closed above $35.00, and prices could challenge $40.00 in May should gold make fresh cycle highs.

GDXJ

Juniors closed decisively above $43.00, and we may be entering the next stage of this advance.

SILJ

Silver juniors jumped over 5% and finished just above $12.00. We could see significant upside, especially if spot silver breaks through $30.00.

Conclusion

Metals and miners confirmed new bull markets. The setup in silver looks explosive and prices could rip to the upside above $30.00. Expect a peak sometime in July or August.

AG Thorson is a registered CMT and an expert in technical analysis. For daily market updates, consider subscribing www.GoldPredict.com.

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.