On Thursday, it was up another 6%, trading above the 28 USD threshold. How high can silver go?
Analysts pointed out that the silver-gold ratio remains historically wide. That means either gold is overvalued or silver is undervalued. If silver is underpriced, “there is a lot of money to be made”.
Basically, it is nearly impossible to set any targets right now as the trend is really vertical and it certainly looks like a large bubble. The next level to watch will certainly be near 30 USD and if bulls push silver above this resistance, another 10-15% run cannot be ruled out.
Alternatively, the important support seems to be at 26.00 USD and as long as the price remains above this support, short, medium and long-term outlooks all look bullish.
From the intraday perspective, all small dips are expected to be bought as the buying power is dominating the markets.