Precious metals have been very strong over the past two years, with Gold breaking out of a historic bullish pattern. Is it time for Silver to do the same?
Silver has rallied sharply but is facing heavy resistance. Let’s look at the chart!
“The facts, Ma’am. Just the facts.” – Joe Friday
As you can see, Silver has formed a bullish inverse head and shoulders “cup” pattern and price has reached the top of the cup (resistance).
In the past, Silver has rallied sharply on breakouts of bullish patterns… and declined sharply from breakdowns of bearish patterns.
Should Silver breakout above current resistance, it should rally a LARGE percent. Will we see another historic breakout for precious metals? Stay tuned!
Silver “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.
