The latest multi-month rally in precious metals set both gold and silver up for major tests of resistance.
Today, we provide an update on Silver and a pennant pattern that we have been monitoring for quite some time.
Below is a “monthly” chart of Silver futures. The pennant pattern is quite clear, but it is also nearing an inflection point as it narrows.
Silver has struggled to breakout above the “800-pound” resistance formed by the upper falling pennant trend line. And this month it could be forming a bearish engulfing pattern at (2).
If selling continues into June, then we will have to wait a bit longer for this pattern to resolve. Stay tuned!
Silver Futures “monthly” Price Chart
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