Precious metals have been red hot in 2024, with gold and silver rallying sharply and out-performing most assets.
I have written several bullish articles about precious metals over the past few years. And while I remain bullish longer term, I am in a wait-and-see mode short-term.
Why? Well, one answer shows up on today’s “monthly” chart of the Silver ETF (SLV).
As you can see, SLV has rallied to the top of its rising channel and 50% Fibonacci retracement. Its rally has also formed a narrowing rising wedge price pattern.
A breakout above this area (on a monthly closing basis) would be bullish. And a breakdown below Silver’s steep up-trend line would indicate a pullback/pause is in play.
Either way, this looks like an important inflection point is in play for Silver! Stay tuned!!
This article was first written for See It Markets.com. To see the original post, CLICK HERE.
