Peter Smith
⬤ Silver powered through the crucial 45-dollar mark this week, finally breaking out of an ascending channel that had contained its price for years. The metal has surged into upper resistance territory and is currently holding strong above 47 dollars. This breakout represents a significant technical shift after years of steady but measured gains within the channel's boundaries.
⬤ The decisive move above the channel ceiling near mid-40s has transformed the 45-dollar level into solid support. Silver is now testing higher resistance bands while maintaining its structural integrity above this key threshold. After spending nearly three years consolidating within the channel, this acceleration shows just how intense buying pressure has become in the current market environment.
⬤ This isn't just a technical chart pattern playing out. Silver's jump into a higher trading range reflects genuine shifts in demand and renewed commodity market strength. The metal's ability to hold above 45 dollars creates an elevated support base that could reshape near-term expectations across the precious metals sector. If silver maintains stability above this level, it could reinforce the bullish trend and influence broader market sentiment heading into the coming weeks.
Peter Smith
