Silver Could Trigger A Big Inverse H&S Pattern Today

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Nov 10, 2021 at 11:44 AM EST

Obviously, the CPI number was very strong signaling inflation and it looks like the precious metals took their cue and surged higher.

This morning, both gold and silver are very strong after the hot CPI number. Obviously, the CPI number was very strong signaling inflation and it looks like the precious metals took their cue and surged higher. The iShares Silver Trust (SLV) could trigger a big inverse head & shoulders pattern with a close above the $23.00 level. This pattern gives us a symmetrical target of $26.00. Remember, these patterns do not play out in a day; they will often take several weeks. Also remember, should the pattern trigger and then price closes below the neckline that will void out the pattern.

Disclosure:

I own call options in SLV

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