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Silver Getting Ready for a Major Breakout

Published 05/08/2024, 09:59 AM
XAG/USD
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SI
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Precious metals have enjoyed a huge rally that has seen gold reach new all-time highs and silver reach new multi-year highs.

There are a lot of tailwinds working for gold and silver today global warfare, geopolitical instability, and inflation.Silver Monthly Chart

Today we look at a long-term “monthly” chart of Silver futures to analyze the current rally and highlight where it might go next.

As you can see, Silver futures are trading at an important support/resistance line (support 10 years ago and resistance 5 years ago and today!).

This heavy resistance has kept silver from breaking out. Perhaps it won’t hold for much longer!

If/When Silver breaks out above this resistance, it’s Hi Yo Silver time! Stay tuned!!

Latest comments

long up the pooper
Yes it appears to be supporting that technical hypothesis, and we should also be aware of the natural volatility pressures (attributed to XAU) that may also induce a downward break... pending any fundamental factors in changes in wider market conditions.
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