Chart of the Week: Silver
Hey good morning everybody! It’s time for our chart of the week, and this week we’re gonna be focused in on one of the higher charts of the year, which is precious metals. We’ve seen gold rally pretty nicely so far in 2025. This time we’re gonna be taking a look at silver. SLV is the ETF that we’re gonna be taking a look at here.
What’s important here is if you take a look at silver, it’s been a pretty erratic move on the daily chart. But we’re gonna peel it back a little bit. Look at it from 30,000 feet, and take a look at the weekly chart. And it looks rather strong. I think it’s going to go a little bit further up here.
So taking a look at the nice trend up here, it’s been moving nicely with higher highs and higher lows. And once it moved above this resistance level here, which is roughly $32, $32.25, it was free to go. And it took off. And we see the good strength in RSI here. MACD has been on a buy signal.
But what’s really impressive here – take a look this volume. Every since April came along, we’ve had some really strong volume trends. It is super bullish here. And then taking a look at the on-balance volume, which kind of confirms that strong, bullish volume and turnover. This is really impressive over here.
So we haven’t seen silver reach these levels in quite some time. It’s at a multi-year high. I think the silver all-time high is about $50 or $51, which we got about 12 years ago. And then earlier than that – 1980 – was the last time we saw silver up that high.
I think the trend is strong here. It’s very bullish. I think people are buying silver on the pullbacks here. And this is again, another opportunity to get on here if it does pulls back, say, to the 20 day moving average. That comes in at about $33; right now we’re at $36.79. It’s about 10% lower here. If we do get a sharp pullback in silver – gold also for that matter – but certainly, silver pulls back a little bit here, it would be a good purchase here for you to buy.
Take a look at SLV. Even right here, I mean $36.79, it’s got some room up to $39-40 up on the chart that I saw earlier today.
Silver is a good one here, and gold is as well. But take a look at these precious metals. They’re very interesting right now.
thanks again for watching everyone, and I”ll see you guys next time.
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