At the close of trading today, the silver price surged by nearly $2. According to Kitco.com, silver closed at $24.72, up $1.91 for the day.  I can’t remember the last time silver jumped nearly $2 in one day. Of course, last Tuesday and Wednesday were big days for silver, but not $2.

What is interesting about the last few minutes of trading, silver closed right at the highs. So, it’s going to be interesting to see what happens in early Asian trading if silver BREAKS above its new short-term resistance level.

Last night, I was busy on my SRSrocco Report Twitter Feed, showing that silver was making a very bullish ASCENDING TRIANGLE formation during early Asian trading. If silver broke above it, I wrote that it could experience another nice BREAKOUT:

Silver setting up for another short-term BREAKOUT.

Silver is forming another Bullish Ascending Triangle. A push above the $23.40 level could result in another BREAKOUT. pic.twitter.com/fB2UNYStFm

— SRSrocco Report (@SRSroccoReport) July 27, 2020

It didn’t take long before silver pushed above that $23.40 level and surged $1.00 very quickly:

Looks like short-term Silver BREAKOUT confirmed.

Could see a retest of $23.40... but it looks like we head higher for now. pic.twitter.com/a2eRKCGNWu

— SRSrocco Report (@SRSroccoReport) July 27, 2020

And then early in U.S. Trading, the silver price started to consolidate after increasing nearly $1.50.You can see the nice silver BREAKOUT below: 

Silver continues to consolidate after $1.50 BREAKOUT

Typical trading after a commodity or stock breaks above a resistance level, it consolidates once again.

Silver is now up $5.50 for the month, 30%. pic.twitter.com/ffeWLQNdRy

— SRSrocco Report (@SRSroccoReport) July 27, 2020

After silver consolidated for the rest of the trading day, it slowing moved up to the highs of the day and closed right on the high of the day. Due to the continued momentum, I thought we would see a continuation in early Asian trading. Well, wouldn’t you know it, silver has broken through that level and is now 17 cents higher. We will see how trading continues throughout the rest of Asian trading and into early U.S. Markets. However, I believe we are going to see even higher prices tomorrow.

(Click on image to enlarge)

REMEMBER.. at some point, gold and silver will have to experience a healthy correction before moving higher. Typically, this may take a few months or longer before making another attempt at much higher prices. But, THIS TIME MAY BE DIFFERENT… as the gold and silver prices could go even higher before correcting.

Lastly, it’s been seven long years since silver has traded above $24.I know a lot of silver investors have been frustrated.  But, even though it took longer to finally see some life in such an UNDERVALUED asset, I believe we are just in the first few innings of the GREAT SILVER BULL MARKET.