Courtesy of Chris Kimble
Precious metals prices have languished in a sideways pattern since peaking out in July 2020.
Could this sideways trading pattern be a bullish consolidation pattern?
Strong silver price action = bullish precious metals
Today’s chart takes a look at the long-term “monthly” view of Silver.
As you can see, Silver has spent several months trading between the 50% and 61.8% Fibonacci levels at (1). BUT this month, Silver is attempting to create a bullish reversal pattern at (2). Continued strength into month-end could return the luster to precious metals.
This is a pivotal spot for Silver. A turn higher here would be bullish for Gold too!
Silver and Gold bulls would receive very discouraging news if support breaks at (2). Stay tuned!
This article was first written for See It Markets.com. To see the original post CLICK HERE
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