Silver encounters key resistance at $70 level, Patrick Karim notes

Silver encounters key resistance at $70 level, Patrick Karim notes
Silver meets resistance near $70 level

Patrick Karim, a technical analyst at Technical Traders Ltd, said the yearly chart for silver remains attractive but indicated that the $70 price area currently serves as significant resistance on most time frames. Karim added that patience is required when analyzing this setup.

Karim previously said gold is struggling to outperform equities and may require more time to break out, according to a recent analysis. In a separate note, he suggested silver could take up to two years to clear its $95 monthly all-time highs, maintaining a cautious outlook for bullish targets as shared here. These observations reflect his ongoing conservative stance on near-term upside for precious metals.

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