Silver Price Seems To Be Consolidating Before a Short Squeeze Higher Predicts PrimeXBT Analyst Kim Chua

Silver Price Seems To Be Consolidating Before a Short Squeeze Higher Predicts PrimeXBT Analyst Kim Chua

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While Silver has not managed to push the boundaries of $28, there is a potential for the precious metal to break out and take over the $30 mark. Looking deeper into the markets, there is clear rising inflation to blame, as well as plans by influential nations to bolster their infrastructure.

Additionally, supply for Silver is starting to wane, and a few other factors could send silver into a short squeeze and onto much more impressive prices even beyond $30.

The price action of Silver seems to be building its base below the $28 region before attempting a move higher, possibly breaking out of $30. With rising inflation as well as infrastructure plans by various large countries to boost their economies, a commodity super-cycle is in the works.

With talk of a supply crunch in the Silver market currently, I expect industrial and investment demand for physical Silver to drive prices up significantly, with Silver crushing the $30 level soon and going on a short-squeeze which may propel prices towards $50 eventually, says the PrimeXBT analyst, Kim Chua.

The Silver chart has been in the consolidating stage of a very strong uptrend as well as a bull flag since April 2020, with a break of $30 potentially able to send this up with a $18.50 price objective towards $48.50 – $50.

About Kim Chua, PrimeXBT Market Analyst:

Kim Chua is an institutional trading specialist with a track record of success that extends across leading banks including Deutsche Bank, China Merchants Bank, and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge down to a new generation of analysts. Kim Chua actively follows both traditional and cryptocurrency markets closely and is eager to find future investment and trading opportunities as the two vastly different asset classes begin to converge.

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