Silver surged sharply today, pushing to levels not seen since May 2011. The white metal broke past key resistance, reaching fresh multi-year highs amid bullish momentum and rising investor interest.
Gold surged to a record high above $3,500 today. A weaker dollar, expectations of Fed rate cuts, strong central bank buying, and safe-haven demand are fueling the rally. Silver also traded above $40 reaching the highest levels since 2011, adding momentum to the precious metals boom.
A bearish Head and Shoulders pattern is forming in the silver market. The pattern is confirmed once price breaches neckline support, which is at around $35.20.
Silver prices have surged to new 13-year highs, reaching levels not seen since February of 2012. The recent rally has been driven by various factors, including robust industrial demand, supply constraints, and heightened investor interest in safe-haven assets amid Middle East tensions.
Silver is a naturally occurring element that can be found in your jewelry, at the dinner table, in your digital camera, in your car and in your pocket. It is a monetary metal with roots that run parallel to gold.