It was looking ominous just a couple of days ago when I suggested that Silver Poised for Imminent Breakout and today it's happened in a pretty big way. Not surprisingly it's late on a Friday, but that's another story. Today I just wanted to have a look at this beautiful chart.
I've drawn in the Resistance at $30 USD which goes back to 2020 but I wanted to put up a 2 Hourly Chart just to show the huge momentum that has accompanied this Breakout. You can see that over the last 2 days the price bounced around just below resistance but once it decided it was going to make a move, it was BIG. You can see it's about a 5% pump over the space of just a few hours. You don't see that every day....
So it's the weekend here in Australia now and the markets will get a good chance to digest this big move over the next couple of days. What will Monday bring though? It genuinely wouldn't surprise me if there is another 5% move up, but it could also be smacked down just as hard as Silver is one of the most manipulated markets.
Personally I think we aren't going to be seeing Silver below $30 any time soon - if ever. The genie is out of the bottle and isn't going to want to go back in. The best strategy that the powers that be can take now is Damage Control as the Monetary Metals are re-asserting themselves. Arguably, that's what they've been doing by kicking the can down the road for some time now...