Silver Shines On

April 8th 2024 –  The price of silver is now exhibiting a positive medium-term trend reports Trend Intelligence as price action settled on Monday 8th April at close to $28.

Trend’s Analysis (click chart to expand): Trend’s M* Momentum Indicator creates a clear visual representation of price trends in play across asset classes and financial instruments. In Silver’s chart, Trend Intelligence reports increasing M* and M* Signal lines, with both indicators now trending up above zero.  This is, and has shown over time to be, a positive trend signal.

In addition to the M* indicator, price currently trades above all 3 of Trend’s moving averages and above Trend’s Japanese cloud, in pink shading. The indicated pink coloured Delay Line is also above the Japanese Cloud.

The combination of all aforementioned indicators corroborate Trend’s positive medium-term trend rating on the metal, looking positive for future weeks and months ahead.

Downside Sentiment: Should interest rates continue to rise and economic growth slow into a global recession, the price of silver could quickly capitulate as the industrial driver of price weaken.

Upside Sentiment: Silver is seeing price support from the investment community and industrial demand according to analysts. Industrial demand for silver is expected to rise this year, based on strong US and Chinese manufacturing data and with China also heavily increasing its solar installations, reports Kitco News. 

Authored by: Trend Intelligence, London

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