Exactly a month ago, an article was written to show the likely possibilities of an increase in the prices of Gold or Silver. Since August 2020, Gold’s price has been on a downward slope from the all-time high of $2076.74. Despite normalcy is almost returned to the world at large with the mass vaccination introduced, prices of Gold and Silver have had lower highs and lower lows in the last year.
For silver, the price reached a new high this year $30.06 per ounce. The last time one ounce of silver cost $30.06 was in December 2012. The demand for metals has increased in the last few years, as more luxury items, gadgets, and equipment are produced globally. Everyone who must have bought gold or silver on the 14th of August 2021 when we wrote the article, must have gained a reasonable amount in their investments.
Both Gold and silver charts have formed an inverse head and shoulders pattern. This could be a strong indication of a bullish run for both metals. The next bullish run could push the price of Gold to $1837 per ounce and that of Silver to $24.809. In September, both Gold and Silver prices had a bull run but could not break the resistance level at $1837 and $24.809 respectively.