Brandt notes that December is a big month for silver, pointing that if the white metal’s price remain firm “the monthly chart will complete a sweeping key reversal — and this is a powerful sign the bottom is in place.”
“I think a logical place for a rally to stop over the next year or so will be a test of the bank of lows on the monthly chart at around $26,” he said.
A move to $26 for SLV implies upside of more than 58% for the ETF.
Silver Monthly Chart
Chart Courtesy: Peter Brandt
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.