Vàng và bạc có thể tăng giá hơn nữa sau một năm đầy ấn tượng - Matt Maley

Gold and silver’s rallies may continue into the new year. These two precious metals closed off their best years since 2010 on December 31 after a year of unexpected volatility brought on by the COVID-19 health crisis.

Apart from some minor hurdles, Matt Maley said that 2021 may bring new records for the commodities. Maley is the chief market strategist at Miller Tabak. While referencing a chart of silver prices, he said:

“They both look pretty good here. We do need a little bit more upside in both of them to confirm that it’s reigniting its upward trend.”

Gold and silver can surge further after an impressive 2020 – Matt Maley

After a significant rally in the first half of 2020, gold and silver experienced a downside movement in August and September. Silver broke below a trend line that extended back to its March low. The strategist added:

“That really worried me. I thought, ‘Geez, this is going to be a problem for silver. But then, instead of making a lower low, it held its early-fall lows and made a double bottom. That was bullish. That propelled the metal to make a new higher high above its November peak, another “very bullish.”

Currently, it is slightly above that trend line but needs to move slightly higher to confirm that it is strongly reversing its trend. Maley thinks that it is getting quite close which means that there is a lot of bullish potential in this space.

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Gold Also Has Potential

On the other hand, gold remains in a “downward-sloping trend channel.” For now, it seems to be bumping up against the top line of the trend channel right around $1,900. Therefore, if it manages to break above that level, it will confirm a bullish cycle.

Gold Also Has Potential

Many analysts want to see a break above $1900 followed by a higher high as time goes by. Maley added:

“So, that 1,950 level is really the one I’m looking at to confirm that we’re going to return to that upward bias in gold. So, again, both have a lot of potentials, but we need a little bit more upside before we can really raise a green flag again on the two commodities.”

Gold prices closed for the holiday at around $1,901.60 on December 31, 2020, while silver ended the year trading at $26.52. The founder and CEO of New Street Advisors Group, Delano Saporu, said that his firm was in a form of a ‘holding pattern’ with its silver and gold positions despite being bullish in the long term.


*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.