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Asset Watch
Tuesday May 21, 2024
Silver ended last week above its 2020, 2021, and 2024 highs, so the breakout is constructive. However, it needs to hold the $30 area to ensure that prior resistance has become support.
As such, pay close attention to the 10-week moving average. During the 2020 surge, silver never closed below its 10-week MA, however there was a meaningful breakdown shortly after the 2021 silver squeeze. Therefore, with the 10-week MA providing support during the March and May 2024 corrections, watch the key level to determine if a long position is justified.
So, could silver make a run toward its all-time highs, or have the easy gains already come and gone?
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