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Odds on $SLV hitting $55 by end of May
Looking at the current $SLV price action around $52.4, and considering the recent precious metals run, I'm thinking about the probability of us seeing $55 by month-end. While the momentum is clearly there, the overhead resistance around $53.50-$54 has been tough on prior attempts. We also have to factor in the potential for profit-taking after this rally. I'd put the odds of a push to $55, let's say, at a cautious 40%. It's not out of the question, but it's going to take more than just current buying — a fresh catalyst, or a weakening dollar, perhaps. More likely we consolidate or even pull back slightly before making another run.
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