No Image Available

Chart of the Day – Friday, May 17, 2024

🏆 Today’s Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC).

  • Silver broke out to its highest level in over a decade today, surging +6%. This was its best week in over three years, gaining +11%.
  • It has built a three-year base from which to launch higher. This pattern also resembles a Head & Shoulders Bottom. A measured move suggests a price target of around $35.

The takeaway: Silver broke out to an 11-year high today after shattering resistance at $30. It’s resolving higher from a three-year accumulation pattern, and the next upside objective is $35. This also validates the bull market for precious metals.

The post Chart of the Day – Friday, May 17, 2024 appeared first on The Chart Report.

Want the latest?

Sign up for Patrick Dunuwila's Newsletter below:

Subscribe Here