Silver Breakout “Test” Important For Precious Metals

Chris Kimble
silver futures price breakout trading august chart analysis image

Silver Futures “weekly” Chart

Silver NYSEARCA: SLV has been in rally mode for several weeks now, including a strong burst higher into August.

Precious metals bulls are hoping the rally continues, as it’s an important piece to the Gold NYSEARCA: GLD rally puzzle as well.

Today’s chart shows why the Silver rally is nearing a crossroads, though.

Silver futures are facing a triple breakout resistance at (1), with momentum at its highest level in the past 3 years.

Will this slow the rally down… metal heads hope not!

No doubt this is an important test to see if Silver can break its 2.5 year falling channel.

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