Silver – More On Why My Expectation For A Breakout This Week
In reviewing the charts for both gold and silver I am even more convinced the breakout in silver is coming this week. Focus on a three month chart of each and look at how gold spent 20 trading days in a tight sideways consolidation after a big up day on the first trading session of December. It started it’s latest run on the first trading day of 2023. Now look at the silver chart. After a large up day on Dec. 13th it too went into a tight sideways pattern of 19-21 days depending on how you consider these last two days of Thurs. and Friday. Even though they were both up days, one can’t count them as the start of the breakout without seeing what happens today (Tuesday). Until silver actually takes out it’s recent high around $24.80 on the first trading day of 2023, I won’t consider it a true breakout, which is why I stated in my Friday post that it needed to trade and close above $25 to signal such. Despite silver being down this morning below $24 spot, I look for that breakout between today and Thursday, and expect silver will follow gold’s lead in rapidly ticking off the various resistance targets I have posted previously.