Silver Quarterly And 6-Month Closes Confirm Upward Trend

There continues to be a heavy amount of pessimism toward silver on social media these days, but if you’ve noticed, most of these analysts are speculators trading on very short term charts. I prefer the long-term investment view, and in my opinion, the outlook for silver has never been brighter from a technical perspective. We’re coming up on both the quarterly and 6-month close, so this week we’ll look at those charts. Starting with the quarterly view, we see that silver price has continued its major breakout from a bull flag that first formed off the COVID lows. It should be noted that, despite a lot of naysayers out there, silver is poised to close $4 higher than last quarter and about $10 higher than its 2022 low! It seems that no matter how fast silver rockets higher, there are traders determined to be left behind. Looking at the 6-month view, silver looks to be breaking out of a much larger flag with a measured move to around $100! This is an historic development with the only question in my mind being whether we backtest the flag or continue higher from here. Silver’s battle with the $30-$32 area will likely answer that question. I also want to point out that silver is set up for its 4th highest 6-month close in its history. The previous three highest closes were at the blow-off top of a major bull run, but this time silver is just getting started. Finally, as a bonus chart this week, let’s look at an exciting quarterly chart of the silver/dow ratio, and note too that it will confirm a major breakout. Historically when silver has outperformed stocks, silver has been in a huge bull market.More By This Author:Acceleration Of The Silver Price Rise In The Short Term
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