Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
Despite the ups and downs gold and silver prices have experienced in 2022, Bank of America (BoA) Securities technical analysts recently noted that any dip in prices should be considered a strong buying opportunity.
In a report published earlier this week1, BoA said that gold is still on track to record all-time highs as long as prices remain above the trending average of $1,888/oz.
Analysts suggested that gold is forming a cup and handle pattern and expect support to remain above $1,940/oz. The report also noted the following:
“We think the daily, weekly and monthly timeframes still indicate higher gold prices this year. Therefore we like longs/buying dips near $1,940/50 for tactical trades and if above $1,888/oz for medium-term trades. Our measured move targets suggest $2,175/oz can still be seen.”
What About Silver?
BoA technical analysts are just as bullish about silver, doubling down on its call for silver prices to exceed $30/oz in 2022. This is despite a recent pullback, with silver currently trading below $25/oz.
The same report added that “tactical views need to hold support at $24.80 while medium-term views need to hold $24.00/oz. A trend line in upper $23s is a last resort.”
Don’t Miss Out on The Current Buying Opportunity
Bank of America analysts aren’t the only ones bullish on gold and silver. 2022 is shaping up to be a solid year for both gold and silver prices, with higher prices forecasted by most (Read: Is Gold a Good Investment.) Take advantage of this current buying opportunity now by contacting the precious metals advisors at Scottsdale Bullion & Coin today!
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