The silver bull (et) wants to break consolidation this morning and it wants to do it in the direction of the trend, which is up. Symmetrical Triangles are thought of as continuation patterns, so it makes sense.
At the time of the crash low below important long-term support at 14 we speculated that this could be a shakeout marking an important low because that is often how the precious metals and silver in particular roll. Silver often puts in an ‘!’ at a bottom that precedes a bull market or bull phase.
Well, it was. Silver is bullish, leading gold in line with the Fed’s inflationary wooing and things appear to be falling into place for the next phase on the macro. That’s what the current trends across the asset world are pointing to, anyway.
The monthly chart of the silver price shows that if this move plays out it will have taken out strong resistance with no more resistance until 35 or so.
