With higher highs and higher lows quantifying the base definition of an upward trend, silvers price action from its recent print low at $14.10 certainly fits the bill.
At its $17.86 print high on Friday, silver acquiesced upon encountering overhead trendline resistance to close the session just beneath the boundary at $17.75.
From this perspective, most notable is silver’s short-term success in breaking out above the multi-month down trend channels illustrated in dark blue.
The light blue uptrend channels drawn from the $14.10 print low depict silvers recent efforts in establishing a new uptrend, and quite plausibly, the long-term bottom in question.
Should silver succeed in breaking out above the aforementioned downward sloping red trend line, it will then face further horizontal resistance at $18.18, and again at $18.59, a level which rests in defense of a downside price target of $13.00 dollars per ounce.
Going forward, $16.19 and $15.51 will prove to be good gauges of support in monitoring silvers latest attempt at rising from the ashes of a rather long bear market.
Until Next Time,
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