SLV needs to make a decision on where it will go
SLV on the weekly chart is in a symmetrical triangle and is at the end of it; therefore, there is not a lot of free space for silver to coil at this level. It is almost certain silver will make a big move and pretty soon.
I am more towards the bear side of the breakout because last week silver did break out of the triangle, gold did make a new all-time high, but both of them returned to their triangles, and both show huge weakness behaving at these levels. That indicates there is no more power for a strong pump above the resistance level.
The picture is very clear. Bulls need to break out of the triangle and start pumping towards the all-time high; otherwise, if the break occurs downward, there is a huge chance we could see silver at a single-digit number.
Consistency is the key of success....
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