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Bolstering the appeal for silver, the precious metal enjoys heavy industrial demand that benefits from an expanding global economy. Over 50% of global demand for silver comes from industries like chemicals, medicine and technological appliances.
“This trend break doesn’t necessarily mean the post-January uptrend is over. However, it signifies, at a minimum, a move to a lower trajectory of advance. Additionally, this break represents a loss of intermediate-term momentum that will likely require some more corrective action in terms of either price, time or both,” adds See It Market.
Year-to-date, silver has mirrored the surge in gold in response to ongoing market volatility. Silver has exhibited a correlation of over 80% to gold and typically moves in the same direction as the yellow metal but in larger movements.
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