Unprecedented rally in Silver - What lies ahead?

Hello everyone! There’s a lot to talk about with the extraordinary rally in precious metals, especially Silver and Platinum.

Silver continued its fantastic run last week, marking the fourth straight week of gains after breaking out of a 7-week consolidation. Over the past four weeks, prices have moved almost straight up, rising by about 33.5%. And the momentum doesn’t look over yet. Silver gave a fresh buy signal last Friday, closing at the high of the week, which keeps the bullish tone intact. Weekly and daily charts below.

Weekly chart of Silver showing a vertical rise for the past 4 weeks

Daily chart of Silver showing the journey in the past 4 weeks with a fresh buy last Friday

Platinum appears to be following Silver’s lead. It has rallied for seven consecutive days after breaking out of a bullish reverse head-and-shoulders pattern. In just two weeks, Platinum has surged over 20%, showing strong upside momentum. Daily chart below.

Daily chart of Platinum showing a vertical rise post a breakout from a Reverse H&S

Gold, in comparison, has been relatively quiet over the last few weeks. It moved sideways last week and is currently trading just below its previous pivot and the all-time high made about two months ago, which could act as a resistance before any further breakout attempt. Daily chart below.

Daily chart of Gold showing rangebound action just below ATH

Overall, it looks like Gold has passed the leadership baton to Silver, with Platinum joining the rally as well. How long this trend lasts remains to be seen, but for now, the charts clearly favor the bulls.

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