Commodities Analysis and Opinion
Silver: Pattern Suggests Metal Could Nearly Double Following Key Breakout
2024.09.13 11:26
Precious metals have been big winners in 2024.
While may get all the headlines, has performed pretty well too. And things may turn even more bullish if the Silver can breakout above important price resistance!
Today we look at a long-term “monthly” chart of the Silver ETF – iShares Silver Trust (NYSE:).
As you can see, the SLV formed an inverse head and shoulders, leading to a rally that further formed a nice cup-like pattern.
The top of the cup at (1) marks important resistance.
If SLV can breakout here, the pattern suggests that there is plenty of upside.
Precious metals bulls might want to pay attention to what happens here. Could be big for Silver and Gold alike. Stay tuned.
