Silver Looks to Challenge $24 Again
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Back in January 2023 Silver had a very hard time fighting at the $24/oz level. It seemed the shorts were hovering at this level and won. Silver then dropped 15% before finding a bid, and two months later, we find ourselves in the same position again.
The weekly chart makes for an interesting view. One could argue this is a very large bull flag with a quite hefty $10 range.
Silver Weekly Chart
So $24/oz is now even more significant than in January. A weekly close above this level could trigger a run higher. The macro outlook with the bank failures should further bolster the appeal of the white metal.
With gold hovering around significant levels, silver has a lot of catching up to do. The financial world is climbing the wall of worry, which is when the two monetary precious metals historically shine. Whilst $24 is a hurdle, $30/oz is still the big one to pass.
