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%.
Time is fast running out to buy silver and silver related investments at the current bargain basement prices and that if you are minded to do so, you had better get on with it.
Despite the gain, a big breakout above $26 still seems far away for silver...although with another week like this past one, we could soon break it down.
