Silver is Breaking Out to The Upside
Silver has been in a steady downtrend since peaking last August of 2016.
Over that 5 month period since the peak, silver lost about 25% of it’s value trading down to 15 in the $SLV ETF.
But ever since the new year we’ve seen this metal begin to recover from those lows and it’s now up +10% for 2017.
With this 2.5% move higher we’re seeing today on January 31st, silver is breaking out above above multi-week resistance at 16.30 and the multi-month downtrend line that has been in place since August.
It might not be perfect timing to run out and buy this today, but it’s something that is worth paying attention to as the longer term outlook is trying to shift back to the upside.
Thanks for reading and good luck out there.
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