Silver is breaking above the long-term upside resistance
What is happening with Silver? We are seeing the MONTHLY November hold off the support 22.74 and a break above the long-term resistance 25 followed in December. Does this mean that the Silver continues higher above the key long-term resistance 28.40? Should you be building the buying position…If we look at the monthly chart we can see a huge reversal month happening in November but we need to see a continuation above 27.50 for an extension higher to 30.
The only thing that we can’t rule out is a violent price action around the 25.50-26 zone we are testing now is not excluded and this is exactly the strong resistance for an extreme upside continuation. At the moment a break and confirmation above 26 is a clear indicator that the upside extension is valid and dominant. We can see that clearly on the weekly chart below. A rejection at 26 will lead to consolidation.
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