Silver: rising in the shade

Silver: rising in the shade

2021-01-29 • Updated

We are used to discussing gold as if it was the only actor on the stage. In the meantime, silver made a 100% value gain in 2020 - much more than gold did. It should already be enough to be considered in line with gold as a potentially very benefitial asset to trade. The weekly chart below proves that idea.

XAGUSDWeekly.png

On the H1, silver made a local breakthrough, too. After going mostly sideways along the level of 25.00, it made a straight leap to 27.00 - which is almost a 10% gain in one day! Currently, it trades above 26.00 but the volatility is obvious: hence, the potential profitability. Don't give in to the frenzy that quickly, though: if you observe more performance of this metal, you'll see plunges even more spectacular than this rise. Therefore, be prepared for a bearish scenario where silver cedes the gains and gets down to touch the Moving Averages again. After, it may keep conquering the upside.

XAGUSDH1.png

Be careful reacting on news!

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