Silver has broken a major down trend line, and like it’s sibling (the shiny yellow metal), it is breaking out. The downtrend line has been in existence since its peak in 2011, and we are now testing previous support at the 18.22 level (from 6/2013). This breakout could expose a retracement move towards the $26 (previous support 2012/3) or the $28 level which would represent the 38% retracement of the move from near $50 to the lows below $15.
Here is the chart:
Blake Morrow
Chief Currency Strategist, Wizetrade
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