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Silver targets $26.83

The silver price is up for the fourth day in a row and now looks more resilient than gold, which is unusual. An ounce of silver on Thursday, January 21, was trading at $26.00. The immediate target of buyers is $26.30, and if the price action holds at a higher level, then the road to $26.83 will be open.

The MTD high for silver is $28.10, which was reached on January 6. After that, silver ran into a patch of pronounced turbulence and underwent a sharp correction.

There are not many fundamental reasons for the price of silver to go up. The main one is the intensification of industrial production in Asia, as both Japanese and Chinese macro releases show. However, single data points are not enough to justify a rapid rise in the price of silver amid expanding industrial demand.

Steady growth rates of industrial production in both China and Japan will most likely be seen by the end of Q1 2021. Around that time, the US industrial sector could be in the recovery phase, and that would lend strong support to metals used in industry.

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