Silver: Anticipate further advance - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the silver contract has recovered markedly since the end of last December (when it bottomed at 15.70), breaking above important technical thresholds at 16.45 (monthly Bollinger moving average), at 16.79 (daily Bollinger lower band) and at 17.44-17.51 (rising trendline).

Key Quotes

“An upside channel was able to emerge on the daily chart and the weekly indicators have turned around.”

“Considering the above, dips are seen as corrective and we anticipate further advance towards 18.27-18.35 (daily Bollinger upper band) and 18.50 (weekly Bollinger upper band). The clearance of the latter would unleash strong upward potential to 18.85 (declining trendline), the 19 barrier (Fibonacci extension) and 19.36 (Fibonacci extension).”