Silver's next move after today's pop
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Watching $SI closely after the solid move today, closing around 21.13. The bounce from under 20 was pretty convincing. My rough odds are about 65% that we see a sustained push towards the 22.50-23.00 range by month-end, assuming we hold above 20.50. The reasoning isn't purely technical; there's a growing undercurrent of demand for precious metals as a hedge against lingering inflation concerns and the general macro uncertainty. If we get any further hawkish pivots from central banks, that could certainly put a damper on things, but for now, the momentum feels like it's pointing higher.
Conversely, I'd put the odds of a retest of the recent lows (sub-20) at around 35% if we fail to consolidate above 21.00 in the next few sessions. That 20.00-20.50 zone seems to be a significant line in the sand, and a break below it would suggest the buying enthusiasm was fleeting. It's a tricky market, but the immediate read for me favors upside.