The precious metals market continues to experience hard times, and in 2021 silver has to constantly adjust to changing moods and market conditions. An ounce of silver is worth $ 25.45 by Tuesday January 12, peaking at $ 28.10 on January 6. After the stress experienced on January 8 with a large-scale fall, silver needs time to stabilize, it will take another couple of days.
Further, it is very important to gain a foothold above $ 26, which will pave the way for a full recovery above $ 27.50 per troy ounce. So far, short-term trends in silver are quite positive, but one should not count on rapid growth here. It is clear that silver works in direct correlation with gold, and as long as there is a positive momentum in gold, the second precious metal also feels comfortable.
The technical factor is mainly at work here, the fundamental background is still not very favorable for precious metals both in the form of physical demand and in the form of demand at the enterprise level.
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