Silver: Bullish Head and Shoulders Pattern Signals Potential Breakout
Chris Kimble | Nov 30, 2023 17:54
Precious metals prices have quietly crept higher in recent weeks.
And if the rally keeps going, Silver 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 Gold prices as well.
So it seems this is an important spot for the precious metals universe.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.