Chart of the Day – Wednesday, April 3, 2024

Silver looks like $45. Regardless of where it ends up in the long term, the breakout above the ’23 highs means the uptrend that began in 2020 is likely in the early stages of resuming. $SLV #Silver #Commodities #trendfollowing pic.twitter.com/W3ZhxkSuNe

— John Kolovos, CMT, CFA (@John_Kolovos) April 3, 2024

Today’s Chart of the Day was shared by John Kolovos (@John_Kolovos).

• Silver broke out to a 2-year high today after blasting through resistance at $26/oz.

• Futures have surged +10% in the past five days, marking Silver’s best five-day rally since Nov. ’22.

• It’s approaching near-term resistance at $29 from the 2020/2021 peaks, but John points out that today’s breakout ultimately targets the 2011 highs at $45.

The takeaway: Silver is slowly building a long-term uptrend, and today’s move opens the door to significant upside. This also confirms the bull market in precious metals, as Silver is starting to outshine Gold.