By Samir Al Khoury,
The price of silver surged by approximately 36% from its low on January 22, 2024, marked at $21.9275, to its peak on April 12, reaching $29.7980, with expectations of its upward trajectory persisting. Presently, the price of silver is fluctuating around the $28.50 mark. The primary hurdle remains in attaining and surpassing the $30 threshold.
Silver enjoys various advantages, notably the upsurge in gold prices, hitting a new record high at $2,431 on Friday, April 12, 2024. Despite this, silver remains relatively undervalued compared to gold, potentially bolstering its position in subsequent phases. Moreover, silver’s integration into numerous industries like pharmaceuticals, medical supplies, and electronic devices further enhances its prospects.
It is worth noting that we also witnessed increases in many commodities, such as copper, nickel, aluminum, and other commodities.
From a technical standpoint, it appears that the upward trend in silver prices is prevailing in the next stage.
There is a regularity in the 20-, 50-, and 200-day moving averages and their upward trend, as the 20-day average exceeds the 50-day average, and the 50-day average exceeds the 200-day average.
The positive movement index (DMI+) records approximately 29 points, compared to the negative movement index (DMI-), which records approximately 6 points. We note that the gap is rather large between these two indicators, which means that purchasing pressures on silver are strong. More importantly, the ADX trend strength index records about 53 points, which is more than 25 points, which means that the momentum of this upward trend is strong.
The Relative Strength Index (RSI) also indicates positive momentum for silver, recording approximately 68 points, which exceeds the 50-point level.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.
Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.
Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.
Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.
Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.
Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.
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