Silver Price Is Breaking Out
We are presenting the following three charts without comments. We prefer to let the charts speak.
Mind that the last breakout attempt of silver was capped by the U.S. dollar rally (starting August 2014). It seems that nothing stands in the way of the grey metal at this point, at least not at this point in time.
Silver has broken through its 2014 / 2015 downtrend. The daily chart shows that it did so at the 3d test of the trendline.
Although the breakout was confirmed on the daily chart, it is not yet confirmed on the weekly chart. The weekly goes back to the all-time high of silver, increasing its importance. Note how silver is close to testing the trendline for the 3d time.
Peter L. Brandt at kimblechartingsolutions.com identified a perfect symmetry in silver’s head-and-shoulder pattern which started last year August / September (after the breakdown which was triggered by the monstrous U.S. dollar rally).
Precious metals should be watched very, very closely. It is silver that could trigger a breakout for the whole precious metals complex (including gold, miners, palladium, platinum).
Courtesy of http://goldsilverworlds.com/