The price of silver has experienced a remarkable rally in recent weeks. However, every trend comes to an end at some point—or at least corrects. Since the recent highs, the price of silver has retreated by almost 7%. Is now a good time to enter long positions?
First of all, we remain bullish on silver and see $37 as an overarching price target. Of course, one can follow the trend and open additional long positions, but these should be tightly secured. We recommend initially waiting for another pullback to the $29.50 to $29.60 range to optimize the risk-reward ratio. This area is a solid support zone that also aligns with the key Fibonacci levels.
First of all, we remain bullish on silver and see $37 as an overarching price target. Of course, one can follow the trend and open additional long positions, but these should be tightly secured. We recommend initially waiting for another pullback to the $29.50 to $29.60 range to optimize the risk-reward ratio. This area is a solid support zone that also aligns with the key Fibonacci levels.