We have changed our view from short to neutral as Silver has continued it strong upward momentum and consolidated above resistance at $26.6. There has been an increased demand for Silver for protection against the risk of rising inflation and it's uses for industrial production including electrical vehicles and solar panels. Silver is therefore expected to benefit from Biden's proposed $2.3 trillion infrastructure bill and we await US inflation data tomorrow for any significant price action.
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Disclaimer
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.