Yo, Charts — pic.twitter.com/kU3NSgApuF
— da Chart Life (@daChartLife) December 2, 2022
Today’s Chart of the Day was shared by John Roque (@daChartLife). It’s a weekly chart of Silver over the past 15 years, along with its performance relative to the Bloomberg Commodity Index (lower panel). Silver rose 14% in November, marking its best month in nearly two years. John points out that it recently reclaimed support around $20 and its 40-week moving average. It’s breaking out of a two-year downtrend relative to Commodities, while momentum is almost in positive territory. If Silver continues above $20, the next major upside objective will be the 2021 highs, around $30.