Below looks at Silver Futures over the past decade. The Power of the Pattern in 2011, suggested that metals should be flat to down for years to come.
(See 2011 Post Here) Since that posting, Gold(NYSEARCA:GLD) and Silver (NYSEARCA:GLD) have continued to create a series of lower highs over the past 6-years. Silver remains more than 50% lower than 2011 prices.
Could this trend be attempting to change? Could a long-term reversal pattern be in play? Below looks at Silver Futures over the past decade.
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As mentioned earlier, the trend is Silver is down, as it has created a series of lower highs since 2011. It has done the same, since the summer of 2016 as well.
Over the past two years, Silver could be creating a long-term bottoming pattern (Inverse Head & Shoulders) pattern. For the read to be correct, the first thing Silver needs to accomplish is break above 9-month falling channel at (1). If Silver can accomplish a 9-month breakout, the next resistance test Silver would face, is the potential neckline, that comes into play around the $19 zone.
If Silver breaks above the neckline, it could be off to the races, potentially Hi Yo Silver!