The second peak in 2011 at roughly the same level as 1980 started the formation on what appears as the handle and projects silver to potentially rise to about $75 once we clear above $27.50. Minimum potential targets appear to be $38/$40.
Silver has been making a massive head and shoulders reversal pattern over the past three years or so. We just need it to bust up through the potential neckline near $26...
Silver teased us with a breakout above $26, then faded along with gold, closing the week down 2.1% and back under $25. Resistance zones continue to act as a stopper.
While gold faltered this past week on fears of rate hikes, silver wasn’t too bothered and put in another good week, gaining 3.4%. Silver is now up in 2024 by 5.4%.
