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: 10 Reasons to Buy Gold in 2022.) Take advantage of this current buying opportunity now by contacting the precious metals advisors at Scottsdale Bullion & Coin today!
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