Silver Could Be Near Its Final Low, Peter Brandt Says, But There’s a Catch

In a Nov. 4 post, veteran trader Peter Brandt said silver may be nearing its final low, though he expects any rebound to develop slowly rather than sharply. Silver traded at $53.18 an ounce on Thursday, up 1.76% but about 56% below its January record of $121.74. Brandt said weekly and daily charts show a falling wedge, a pattern of converging downward-sloping lines that chart analysts often view as fading selling pressure. He placed the final low slightly below silver’s 50-year support, near $56 on Comex silver futures, with the wedge’s lower edge around $48. He cautioned that prices leaving such a wedge usually ease out rather than surge.