Commodities Analysis and Opinion
Silver: Bullish Head and Shoulders Pattern Signals Potential Breakout
2023.11.30 02:16
Precious metals prices have quietly crept higher in recent weeks.
And if the rally keeps going, could trigger a very bullish buy signal.
Today, we look at a long-term “monthly” chart of Silver. And, as you can see, Silver has formed a gigantic pennant pattern over the past 20 years.
And within that pennant pattern, the price has also formed an inverse head & shoulders pattern.
Currently, the price of Silver is testing falling trend line resistance as well as the neckline of the inverse head & shoulders at (1).
A breakout here would be very bullish for Silver. And when silver is strong, it’s very good for prices as well.
So it seems this is an important spot for the precious metals universe.
