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Will Silver Price Reversal Bring Holiday Cheer For Bulls?

Published 12/28/2021, 09:45 AM
Updated 07/09/2023, 06:31 AM

Precious metals prices have languished in a sideways pattern since peaking out in July 2020. Could this sideways trading pattern be a bullish consolidation pattern?

Today’s chart takes a look at the long-term monthly view of silver.

Silver Monthly Chart.

As you can see, silver has spent several months trading between the 50% and 61.8% Fibonacci levels at (1). But this month, silver is attempting to create a bullish reversal pattern at (2). Continued strength into month-end could return the luster to precious metals.

This is a pivotal spot for silver. A turn higher here would be bullish for gold too.

Silver and gold bulls would receive very discouraging news if support breaks at (2). 

Latest comments

In your last 3 articles about silver everytime you put one of these long term charts with your ( could this happen ? ) statement , the opposite happened ,, now bulls should be really worried here !
A 50 year chart on where silver may go in the next month or two?? How about a one year chart showing the double bottom silver made at 21.40 or so in September and December (W pattern) ?? The question is whether its a false double bottom or not. Will silver continue up to the 25 neckline?  If it can break 25 then I see new all time highs in the not too distant future.
beware, another pump and dump paid article after natural gas
I don't think it will stay for too long!
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