Silver is trying to start the new year on solid footing. Of course, the silver market hasn’t had the kind of run Bitcoin has been experiencing. With more stimulus looking to get passed with the new Biden administration, any major sell-off in silver resulting from US dollar strength will probably be met by bargain buying interest. Silver price structure suggests that sideways to slightly higher price action might be in the cards in the coming weeks. If traders are not inclined to chase Bitcoin, they could consider using options to get involved in the Silver market. You can reach out to me to further discuss trade ideas.
From a technical perspective, a close above 26.20 is needed to get more upside interest in the short run. Though the long term, Silver could have a better run in 2021 than it did in 2020.