Silver Breakout in Progress

May 11, 2020

By Money Metals News Service

Gold and silver markets are inching closer to embarking on new uplegs. Silver outperformed last week and appears to have the momentum behind it to lead a fresh precious metals breakout.

Silver prices will run into some overhead resistance just above the $16/oz level. Once broken, that technical line on the weekly chart could serve as a springboard for a run toward $19/oz – and ultimately higher.

Silver Chart 1 (May 8, 2020)

Zooming in on the daily chart, silver is trading solidly above its 50-day moving average for the first time since late February, suggesting a breakout is indeed in progress.


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Silver Chart 2 (May 8, 2020)

 


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.