The situation in the silver market is currently somewhat tense. The price has remained in a sideways range for almost two weeks with temporary punctures on the top and bottom.
In terms of our cyclical calculations, the price of silver is up around 02/24. henceforth in a bullish environment. At this point, at the latest, caution is advised, as a decline of several weeks must be expected by mid-March.
If the silver price can hold its ground above the USD 24.06 mark, a further increase to USD 25.80 for the time being can be expected from a chart-technical point of view.
With a sustained breakthrough through the USD 26.04 mark, there is then a further upward movement to the resistance area from USD 27.20.
An excerpt from past turnaround dates:
- Silver low 12/15, tolerance 2 days
- Silver high December 9th, tolerance 1 day
- Silver low 11/30, tolerance 0 days
- Silver high 11/6, tolerance 1 day
- Silver low October 29th, tolerance 0 days
(Our turnaround dates have an average tolerance of 3 days. In 80% of the cases it is 2 days.)
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