Precious metals prices have languished in a sideways pattern since peaking out in July 2020.
Could this sideways trading pattern be a bullish consolidation pattern?
Strong silver price action = bullish precious metals
Today’s chart takes a look at the long-term “monthly” view of Silver.
As you can see, Silver has spent several months trading between the 50% and 61.8% Fibonacci levels at (1). BUT this month, Silver is attempting to create a bullish reversal pattern at (2). Continued strength into month-end could return the luster to precious metals.
This is a pivotal spot for Silver. A turn higher here would be bullish for Gold too!
Silver and Gold bulls would receive very discouraging news if support breaks at (2). Stay tuned!