Since the dramatic bull run in July 2020, which saw a move from $17.70 to near $30, silver has traded in a relatively narrow range with the $22 -23 level proving to attract strong buying interest.
The Gold/Silver ratio is now at 68.36 which is in the middle of the trading range witnessed over the past ten years. The current price of $27 is at a moderate 15.5% above the rising 200 day moving average, now at 22.80.
A break of the 29.15 level with rising volume is likely to trigger a period of high volatility and propel the price towards the $33 to $40 area. The fibonacci 61.8 % upside projection target based on the 11.98 - 29.15 range lies at 39.76.