Silver Getting Ready for a Major Breakout
Chris Kimble | May 08, 2024 15:59
Precious metals have enjoyed a huge rally that has seen gold reach new all-time highs and silver reach new multi-year highs.
There are a lot of tailwinds working for gold and silver today global warfare, geopolitical instability, and inflation.
Today we look at a long-term “monthly” chart of Silver futures to analyze the current rally and highlight where it might go next.
As you can see, Silver futures are trading at an important support/resistance line (support 10 years ago and resistance 5 years ago and today!).
This heavy resistance has kept silver from breaking out. Perhaps it won’t hold for much longer!
If/When Silver breaks out above this resistance, it’s Hi Yo Silver time! Stay tuned!!
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