Potential Path of Silver’s Coming Rebound

Just as we did with Gold, we looked at Silver’s performance following bottoms in 2004, 2006 and 2008. We took that weekly data and merged it into one. We then added that data to a $19 Silver price on July 1, 2013. Note that this is weekly data.

Going forward, the big resistance spots will be $26, $30 and $35. The chart of Silver shows quite a bit of potential congestion from $26 to $30.

The projection shows an unimpeded five-month rise to $27 followed by a pullback to $25 and rise to $30. Note that while maintaining a gradual uptrend Silver could be in a range from $25 to $30 over the bulk of 2014. The chart shows no sustained break above $30 until the end of autumn 2014.

june21silverproj