Commodities Analysis and Opinion
Big Breakout Ahead for Silver
2024.08.16 05:08
recently broke out of 12-year cup/handle technical formation. The price objective from this breakout is at least $3,500. I was looking at a long-term chart of . I did not realize it looked like this:
For a refresher, here’s the gold breakout:
The silver cup/handle has lasted for 13 years. The duration of the cup/handle will generate a longer duration, bigger move higher than many believe is possible.
Of course, that skepticism preceded the move from $7 to $49 between late 2008 and March 2011. A 7x move when the silver cup/handle breaks out would take silver close to $200.
