Silver Closing In On Neckline Breakout
I've been monitoring this closely ever since Gold failed to confirm Silver's additonal low in Sptemeber. I have written about the bullish potential for the precious metals here and here and also taken a look at a couple of single stock names that I like on the long side here and here.
Silver is now attempting to join the party as expected. A close above the neckline would set a breakout target at ~15.90, with the potential to push up to the top of a descending channel that has contained prices since November 2016. That level currently sits around 17.
Any move above 17 and we could be looking at some serious upside in prices from there.
A move below the right shoulder would negate the inverse head and shoulder pattern that price is currently attempting to break out from. A move below the September low would turn me bearish again.
Silver has remained dormant for years, but may out perform gold in the coming years.
Agree, starting to look that way. The gold/silver ratio looks to have turned. Wrote about it here last week. Will be some opportunities in the miners, posted about a couple already but there should be plenty more breakouts to come.
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