Precious metals have been red hot in 2024, with gold and silver rallying sharply and out-performing most assets.
I have written several bullish articles about precious metals over the past few years. And while I remain bullish longer term, I am in a wait-and-see mode short-term.
Why? Well, one answer shows up on today’s “monthly” chart of the Silver ETF (SLV).
As you can see, SLV has rallied to the top of its rising channel as well as its 50% Fibonacci retracement. It’s rally has also formed a narrowing rising wedge price pattern.
A breakout above this area (on a monthly closing basis) would be bullish. And a breakdown below Silver’s steep up-trend line would indicate a pullback/pause is in play.
Either way, this looks like an important inflection point is in play for Silver! Stay tuned!!
$SLV Silver ETF “monthly” Price Chart
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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
