Silver Prices Facing Major Inflection Point
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Precious metals have been red hot in 2024, with gold and silver rallying sharply and out-performing most assets.
I have written several bullish articles about precious metals over the past few years. And while I remain bullish longer term, I am in a wait-and-see mode short-term.
Why? Well, one answer shows up on today’s “monthly” chart of the Silver ETF (SLV).
As you can see, SLV has rallied to the top of its rising channel and 50% Fibonacci retracement. Its rally has also formed a narrowing rising wedge price pattern.
A breakout above this area (on a monthly closing basis) would be bullish. And a breakdown below Silver’s steep up-trend line would indicate a pullback/pause is in play.
Either way, this looks like an important inflection point is in play for Silver!
(Click on image to enlarge)
More By This Author:
Pattern Suggests Silver Could Nearly Double Following A Breakout, Says Joe FridayGold Attempting Breakout Within 50-Year Rising Channel
Bank Stocks Will Be In Big Trouble If Support Breaks, Says Joe Friday
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