Patrick Karim: Silver at risk of further momentum loss if monthly support breaks

Patrick Karim: Silver at risk of further momentum loss if monthly support breaks
Silver may face further momentum loss

Patrick Karim, a technical analyst at Technical Traders Ltd, cautioned that silver may experience additional momentum loss if it closes the month below a rising support line. He stated that relying on hope or praying is not an effective trading strategy.

Earlier this year, Karim suggested that silver could take up to two more years to break its $95 monthly all-time highs in a previous analysis. He has also highlighted extended trading ranges in other commodities, noting oil's two-decade span between $11 and $37 before climbing above $140 within four years. These historical comparisons have been used to frame the current outlook for silver’s price action.

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