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Peter Brandt Says Silver Could Be Near Its Final Low, but Recovery May Be Gradual
Trader Peter Brandt said silver's weekly and daily charts show a falling wedge, with a final low near and slightly below 50-year support. He expects a gradual recovery after a breakout, not a sharp surge, and places the wedge's lower edge near $48.
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What happened
Trader Peter Brandt said silver’s weekly and daily charts show a falling wedge, with a final low near and slightly below 50-year support. He expects a gradual recovery after a breakout, not a sharp surge, and places the wedge’s lower edge near $48.
Confirmed
Global impact / market context
If Brandt’s chart view proves right, a breakout could support a gradual rise in silver rather than a quick jump, affecting returns for investors holding the metal. But the article also reports silver was about 56% below its January record, so recovery remains uncertain.
Analyst inference
Silver traded at $53.18 per ounce Thursday, up 1.76%, while a weaker dollar supported the latest rally. The article also says CME FedWatch showed an 82% chance of a December rate hike, a factor that may shape investor expectations and demand.
Confirmed
What to watch
- Watch whether silver breaks above the falling wedge, a chart pattern whose upper boundary slopes downward; Brandt says a breakout would precede his expected gradual recovery. Analyst inference
- Track whether the price approaches the wedge’s lower edge near $48 or falls into the low $40s, which Brandt said he no longer expects. Analyst inference
- Watch for changes in the dollar and the December rate outlook, since the article links a weaker dollar to silver’s latest rally and reports the FedWatch probability. Analyst inference