Loading ...Silver has dual usages which makes it more attractive than gold. Other industrial metals have been rising sharply in recent times, including iron ore and copper. Today saw aluminium prices trade above $2,000 a tonne for first time in nearly three years. As well as reduced concerns about excessive supply, demand appears to be on the rise again for industrial metals from China.
Taking everything into account, silver may be about to stage a meaningful rally as it potentially joins other base metals in finding significant support. A weaker US inflation report on Friday could help accelerate the potential rally. If silver has any chance of going higher, it will need to clear resistance around $16.45/50 area first then break market structure of lower lows and lower highs next. The last high was around $16.80-16.95 area. Therefore If and when we move above here, then the path for a much bigger rally may potentially clear.
Five Reasons Why You Should Buy Silver Now
The much awaited Silver Party seems about to begin, Are You Ready?