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Silver Breakout Adds to Massively Bullish Price Pattern

Published 04/04/2024, 03:20 PM
XAG/USD
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I like what I am seeing of late in the precious metals space.

Gold has broken out to new highs… and now silver is beginning to show strength.

Today we take a look at a long-term “quarterly” chart of Silver, as it seems that something BIG might be brewing.

As you can see, Silver took 31 years to form a very large “cup” pattern, and the last 11 years forming what appears to be a “handle”. If so, this would be a massively bullish “cup with handle” price pattern.

Zooming in, we can see that Silver is attempting a “handle” breakout at (1). If this is successful, it would be very bullish and likely propel Silver to the top of the cup with handle formation near $40. Above that level and Silver is off to the races. Stay tuned.

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