Silver confirmed a breakout when it closed over $30. So, this appears to be test of the breakout zone. But a test of the 50-day MA near $28.70 can’t be ruled out.
Silver peaked at $32.75, fell to $30.24, rose to $32.51, and dropped again to $30.44. Testing under $30, the breakout point, is possible. Strong support is evident down to $28.
Silver suggests that wave ii did indeed end at 18.01, and we are working on a powerful wave iii rally that is full of nested bullish waves, as shown on our Daily Silver Chart.
The price action in silver is currently far stronger than gold. The pullback to the $30 area features a potential inverse H&S bull consolidation pattern, which is bullish.
