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Silver Price up 3%, Start of a June Rally?

ByDaniela Hathorn
Published 06/08/2023, 01:09 PM
Updated 04/15/2024, 01:02 PM

Silver prices regained their upward momentum this week.

The white metal reached a daily top of $23.65 and could be set for an assault on the $24 level, which is a 3-week high.

But will the entire month of June see a rally?

Capital.com senior market analyst, Daniela Hathorn looks at the latest news developments, and both the fundamentals and the technical interpretations of where silver might be headed in the new few weeks.

Latest comments

yes silver will cross $26 🤞
Inverted head and shoulders clearly visible in short-term chart. Very bullish. Silver has lagged way behind gold in the recent precious metals' rally and is due for a catch up. It should be $50 an ounce if the gold:silver ratio was the same as in 2011 when silver last topped out at a fraction lower than its 1980 all-time high. Markets do tend to rebound to previous highs.  Key New York-based chartists have called a major break-out. A weakening dollar as rate rise hopes falter, and even crypto legal issues taking out a rival store of value, bode well as catalysts for higher silver prices. A rate high pause would be a major boost. Stagflation is the best environment for gold and silver.
i think it is not a rally,only for retraced of support. but no cause of demand
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