Since the top from 2016, Silver (SILVER) price has been consolidating in a rather tight range since then, with the exception of some occasional pop ups. We have been following Silver’s performance closely and anticipating a strong move in Silver price for a while now. As we write this article, The silver price is still trading within the range on its 35 year silver chart, and we believe the resolution of the long term triangle pattern will be resolved very soon. Summer 2018 will set the tone for Silver and gold price for the rest of 2018 and possibly early 2019. here is why.
Silver price about to break out from a 10 year long triangle pattern
Silver price, as shown below, is still moving within the triangle pattern we have identified and shared with our readers. The descending trendline has been tested extensively since 2016 and the ascending trendline has been back tested successfully more that 4 times.
Although it’s hard to forecast the next move in Silver, it looks like something is going to give in the next weeks. The chart below and the frequent trendlines testing leads us to believe the ascending trendline is likely to hold and the descending trendline is likely to give, which means an imminent breakout to the upside for silver price.
This is how we are reading this important Silver chart but as always, there is always an invalidation point that investors need to watch closely. For Silver, we believe this point is the $15 level. The chart below shows the huge importance the $15 has for silver price. This level also represents a secular support which confirms our Bullish outlook for Silver in 2018.
As always, investors are encouraged to study charts, identify the key levels that could make a trend shift from bullish to bearish and most important, stay open minded and analytical. Something that could only be achieved by tuning off market noise and focusing on pure price action.
To conclude, a big move is about to happen for silver price and investors need to watch this chart closely. More details about our InvestingHaven’s silver price outlook could be found in our Silver price forecast for 2018.