Silver Creates Largest Bullish Quarterly Candlestick in Decades: Breakout Next?
Chris Kimble | Apr 04, 2023 00:18
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 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. 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!
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