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Silver is Going Higher

Posted on 3/21/2024

by Steven Warrenfeltz

SILVER

In January, this large multi-year Pennant pattern took shape in Silver's price chart. 

(click chart to enlarge)

Over the last few weeks, silver's been flirting with the upper trend-line of the pattern, threatening to break it, and it finally happened, yesterday.

(click chart to enlarge)

After the Federal Reserve announced they were not cutting interest rates and keeping them at 5.33%, silver's price broke the Pennant Pattern to the upside, which is a positive sign for the price of silver.

The Federal Reserve mentioned that they still expect to have three rate cuts this year, which is unlikely unless we see a downturn in the markets because, if you've been to the grocery store lately, inflation looks to be staying above 3%.

Yesterday, when silver broke the pennant to the upside, it confirmed the bullish pennant, meaning silver is going higher.

(click chart to enlarge)

Charts provided courtesy of TradingView.com

Looking forward, silver will have some pullback after breaking this level, but we will likely see it flirting with $30.00 in the weeks and months to come, if not sooner.

(click chart to enlarge)

Charts provided courtesy of TradingView.com

Silver's Price Resistance Levels

$30.00

$28.40

$27.00

$26.20

Silver's Price Support Levels

$20.70

$19.85

$17.50

Thank You for Your Time.

Take Care & God Bless,

Steve

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