Silver intraday chart pattern could suggest a break higher
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(Kitco News) - Looking at the 4-hour silver futures chart the price is now testing the top of the wedge formation (marked in red). If there is to be a break higher the next resistance is at the green line near $20.54/oz.
Beyond that, there is a massive congestion zone at $21.45/oz and the psychological resistance at $21/oz. If the pattern fails to break the support is at the purple horizontal line near $1936/oz.
The general trend on this chart has been an up one since 14th July. The market has made higher highs and higher lows but this most recent pullback looks like a consolidation phase. In the U.S. session, any break out on good volume could indicate a longer-term move higher is on the cards.
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