On January 5th on this platform, we mentioned 32.00 as our medium-term upside target for Silver.
Today Silver traded above 30.00 not seen that high since 2013.
The explanation for the surge by the media is explained as follows:
A silver squeeze by Reddit traders, attempt to replicate last week’s GameStop short squeeze in the silver market.
Really? Do we believe that??
How about looking at the technical analysis.
Already in November 2020 we saw that Silver was giving a target to 32.00 and even higher.
Early January we repeated that again, and after a small pull back we went long Silver on January 27, at 24.90.
Three trading days later we can look back at a 20% profit on this trade.
Thank you, Reddit, traders / for the technical analysis.
Whatever you go for, suggesting taking profit off the table.
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