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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…

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This article was originally published by See It Market

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

silver futures price important resistance bearish analysis investing chart year 2023

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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.

The post Will Silver Prices Be Rejected By 800-Pound Resistance… Again?!? appeared first on See It Market.

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