A Great Bullish Run in Silver, As Safe Havens Continue to March Higher
Silver is retreating today, but the main trend remains bullish
The traditional safe havens lost appeal in summer last year, with Gold reversing down from record highs above $2,000. The safe haven status was acquired by cryptocurrencies, in an uncertain world where no fiat currency is safe anymore, hence the surge in the crypto market since last summer.
But, the immense volatility in the cryptocurrency market has made traders rethink the safe haven status in recent month. The traditional sae havens attracted interest from investors again and in the last two months GOLD and Silver have been bullish.
Gold broke above $1,900 level for the first time since January, while Silver has been following a clean uptrend. The 100 SMA (green) has been doing a great job as support on the H4 chart, pushing the price higher after the retreats lower.
Today we are seeing another retreat lower but it has stalled at the 50 SMA (yellow) right now. If SILVER pulls back lower to the 100 SMA, we might go long, so we are watching the price action to see if the 50 SMA will break soon.
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