Strong Rebound Following Early Weakness
Silver rallied strong on Friday, but it closed weak. And the weak close came after a 5.47 point or 22.5% advance as of last week’s high. That measures the most recent swing that began from the Marc 28 pullback low. However, today’s bullish price action could lead to higher prices and complete a brief pullback in the price of silver. Silver popped up to test highs from 2020 and 2021 last week with its trend high of 29.80. A decisive breakout above the 30.14 swing high from 2021 would put silver at a greater than 9-year high.
Monthly Bullish Pattern Dominates
In the bigger picture, and seen in the enclosed monthly chart for silver, a large bull flag is present. The sharp move prior to the flag, referred to as the pole, saw silver rise by 156.5% in less than five months. With what looks like a sustainable breakout of the flag that triggered last month, silver has the potential to see prices rise sharply again.
