Precious metals bulls rose sharply last summer into the heart of inflation headlines and Ukraine war news. Since that time, both gold and silver have moderated but remained elevated in a consolidation pattern.
But recent price action in Silver could be a bullish signal for metals bulls.
Today we look at a “quarterly” chart of Silver. As you can see, Silver has been in a long-term narrowing pattern, formed by a two large quarterly bullish candlesticks and one bearish candlestick.
Within this pattern, Silver formed a bullish candlestick last quarter at (1) with its price closing at the upper end of the long-term narrowing pattern at. If bulls can follow through with another strong quarter, we may see a bullish breakout for Silver and a “Hi Yo” celebration for metals bulls.
In an uncertain world, it pays to be aware of price patterns… especially for precious metals. Will Silver break out? Stay tuned!