Gold, silver still have ‘a lot of potential’ for upside after a record year, chart analyst says

Gold, silver still have ‘a lot of potential’ for upside after a record year, chart analyst says

Gold and silver's rallies could continue into the new year.The two precious metals closed out their best years since 2010 on Thursday following a year of unprecedented volatility brought on by the Covid-19 pandemic.Barring some minor hurdles, the new year could bring new records for the commodities, Matt Maley, chief market strategist at Miller Tabak, told CNBC's "Trading Nation" on Thursday."They both look pretty good here. We do need a little bit more upside in both of them to really confirm that it's reigniting its upward trend," Maley said, referencing a chart of silver prices.After a substantial rally in the first half of 2020, silver and gold both "saw a downside move in August and September," with silver breaking below a trend line extending back to its March low, Maley said."That really worried me. I though, 'Geez, this is going to be a problem for silver,'" he said. "But then, instead of making a lower low, it held its early-fall lows and made a double bottom. That was bullish."That propelled the metal to make a new higher high above its November peak, another "very bullish," sign, the strategist said."Now, ... it's slightly above that trend line, but it needs to