Silver appears to be very close to an even bigger move higher. Most of the hard work of the double-bottom since 2015 is done.
The coming leg higher is the one that will likely take prices to all-time highs. Below, is a long-term Silver chart:
Click chart to ENLARGE.
Note that price has broken above the 50-month moving average, and consolidated above the line. This is a great buy signal, when taken into account with other bullish signals previously shared. These are still historically super low prices.
As long as prices stay above that 50-month moving average, the bull is very much alive, and this could still be so for a very long time to come.
Since the bottom in 2001, Silver has moved in quite a common fashion, and it is very normal for price to now chase the red line as a minimum, and eventually likely put in an important peak at or close to the blue line.
Therefore, it will be nothing special for it to reach a minimum target well above $100.
Furthermore, there is a type of cup-and-handle pattern which has a log target that suggests prices could possibly hit $700. Even hitting this seemingly high level, would be nothing out of the ordinary given the type of setup, when compared to how bull markets commonly unfold.
The big question, however, is how fast can it reach that target?
Nevertheless, those who now take the enormous stock market profits by selling out, and buying silver, will be the big winners, especially if they can ride it up close to the target of the cup-and-handle pattern.
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