Can Silver Reclaim Its $121 All-Time High Before May Ends?
Silver is trading near $79 after a 3% jump, with potential to reach its $121 all-time high if dollar weakness and bullish futures positioning persist.Summary
Silver has surged to near $79, breaking a multi-month resistance shelf, and is showing potential to reclaim its all-time high of $121. This optimism is supported by a weakening US Dollar Index (DXY), which has been falling since early April, and a bullish lean in futures positioning as indicated by the latest Commitments of Traders (COT) report. The COT report shows that traders are reducing risk but exiting short positions faster than long ones, suggesting a cautious bullish sentiment. Technically, silver has broken above the $78 resistance level, with the next key hurdles at $90 and $99. A sustained move above $99 could open the path to $121. However, the article cautions that the realization of this scenario by the end of May depends on the continued evolution of the DXY and COT positioning. Conversely, failure to hold $78 could lead to a slide towards $64 or $60, invalidating the bullish continuation thesis.
(Source：BeInCrypto)