Silver is currently trying to figure out which path it wants to take. It's currently trending higher within a bull flag, but not convincingly. Ultimately it breaks out to the upside but I wouldnt rule out any temporary drops towards the $22 -$24.5 range. Notorious for its headfakes and choppiness, it can be a difficult market to trade. I do however see constructive behaviors as of lately considering the negative backdrop of rising yields. Keep in mind that bonds are extremely oversold, I do expect a temporary drop in yields, which may give silver the nudge it needs to breakout. My favored scenario is to slowly trend towards the breakout of the flag. Option 2 would be a drop lower and then slingshot higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.