There’s a historically strong correlation between gold and silver. Gold’s correlation to major assets is shown in the chart below.
Gold’s correlation to other assets
In an earlier forecast, we suggested gold would decline after the recent rally. The yellow metal has already gone halfway towards our goal. We expect a similar situation to take place for silver prices as well.
We suggest silver to decline towards the lower limit of the local downward trend. A stop can be placed at the upper trend line.