Will Silver Prices Be Rejected By 800-Pound Resistance… Again?!?

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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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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