Silver Balloon Bursting : Perfect Selling Scenario
* Silver Future may Contract: During the morning US trading session, the Silver futures for May contract soared to $29.902, marking a historic high. The metal was up by an extreme 6%.The spot price was also on a high.
* Spot Price Surge: Over the period from April 1st to April 12th, Silver prices surged by a significant 20% in the spot Rate of Silver. While from October, 2023($20.680) to 12 th April, 2024($29.902) The metal has been soaring up by 42%.
* April 1st: $ 24.739
* April 12th: $ 29.796(Spot Rate)
$ 29.902(May Future Contract)
Technical Analysis
* Silver future May Contract could go low till today $28.488 while considering the scenarios if the rate still goes down it can go down to $28. Even the factors contribute and the price still goes down it can also reach $26.50. If the metal goes up with a breakout leading to further gains up to $30.500. This indicates a bullish trend in the market, possibly driven by factors such as increased investor demand or geopolitical tensions. Considering the above factors may silver future contract can also break the last high reaching to $31.
Strategic Opinion
* According to me, The Gold and Silver Ratio will also play a major role in the degradation of the silver prices. Which is why there are very high chances that the prices of Silver will go down drastically which makes this a perfect time for selling your Silver.
See.....Gold June and Silver May......Low.....2363.25 and 28.128 range today........sell 2448 range and 29.900 range today on few hours ago.........Operator call always rocks---See todays sell call in Gold and Silver.....