This Precious Metal is Breaking Out to the Upside

SILVER BULLS: THE ODDS ARE NOW IN YOUR FAVOR

Silver is breaking out to the upside.

On Monday, silver popped above the down-trending resistance line on the chart below.

That’s an upside breakout, and it brings the next resistance level at about $30 per ounce into play. But it’s not a guaranteed move. Heck, nothing in the markets is ever guaranteed.

[ad#Google Adsense 336×280-IA]The Federal Open Market Committee [just released] a statement on interest rates.

We also have the jobs report number coming out on Friday.

And those crazy European central bankers could say anything at anytime about their plans to save the European Union.

So there’s plenty of potential for volatility in the precious metals markets.

But the odds have shifted in favor of the silver bulls. If silver can add to Monday’s gains – or at least not drop back into the triangle pattern – we should see higher silver prices for the next several weeks.

– Jeff Clark

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Source: Market Notes