Most of the time I only focus on technical side of things, but this time I will go over both the fundamental and technical of Silver for the long term.
Silver was only trading around 8-9$ around the 2008 market crashed, and peaked at 50$ in 2011. IT had slowly but surely dropped down to the lows again around 13$ in end of 2015. Understand that the price of silver can not go lower as there are many cost associated with silver. Whether is production, labor, inflations..etc. Price is not sustainable at low cost. Which leads to people understand the likelihood of price rising again.
On the other hand, purely from a technical perspective, we are see a period of consolidation phrase from 2015 - 2019. If Covid didn't happen, price wouldn't test the lows of 2013 again. Regardless of the short term push down, we see price had the massive bullish push to the upside, clearly break all previous highs. This can be the start of the HTF bullish run. Latest price action shows us a big potential consolidation in the making. Can be the next continuation correction to push the price up.
My approach would be wait for this HTF correction to complete tp give me more confluence that we are likely to resume the bullish move to the upside, and wait for LTF continuation correction for the buys.
Thank you
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Waiting to see what the LTF price action will do.
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After a year or so, the correction continue to correct and develop. We are once again seeing price at the top of structure. Will the price form bullish continuations ?