Silver Sees One More Technical Hurdle, Then It Could Be "Off To The Races"
See on the weekly chart for nearby Comex silver futures that prices just this week have seen a push above a longer-term downtrend line drawn from the 2016 high. A push above the $16.20 area, basis nearby silver futures, would provide the bulls with more technical fuel to push prices farther north, including a likely quick challenge of psychological resistance at the $17.00 level.
Importantly, once the $16.20 level is cleared on the upside, the next longer-term chart resistance levels for silver are few and far between, suggesting big upside potential would be very possible. Keep in mind that less than 10 years ago, silver was sustaining price levels above $25.00 an ounce.