Silver Set for Massive Breakout, Analyst Predicts
A well-known cryptocurrency analyst and trader, operating under the pseudonym Bluntz, has made a bold prediction that silver is on the brink of a significant breakout. With gold hitting new all-time highs, Bluntz believes that silver could soon outshine its precious metal counterpart.
“Silver gearing up for the next major leg up in my opinion, gold probs about to take a backseat for a bit as gold-to-silver ratio starting diverge heavily again on low timeframes.”
Bluntz, who employs Elliott Wave theory in his analysis, suggests that silver is currently in the midst of a third-wave surge. According to his chart, he anticipates silver reaching the $40 mark before a minor correction and then soaring to around $43.
Furthermore, Bluntz points to the formation of a potential bullish inverse head-and-shoulders (IHS) pattern against the S&P 500 (XAG/SPX) on the monthly chart as another indicator of an impending silver breakout.
“Four months later and now silver is also on the cusp of the same massive breakout against equities. Four year IHS breakout brewing with volume increasing substantially in the breakout. Multiple extremely high timeframe bull divergence. Decade-long downtrend broken.”
Additionally, Bluntz suggests that gold could soon reach a new all-time high, with a target of $3,800 within a few weeks.
As of the latest update, gold is trading at $3,414, while the gold/silver ratio stands at 93. Silver is currently priced at $36.42.
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