🏆 Today's Chart of the Day was shared by Rachel Dashiell (@RachelDashCS).
- Silver futures closed above $61 for the first time in history today as price broke out from a tight six-day consolidation.
- Silver emerged from a massive Cup & Handle pattern around Thanksgiving, and spent the past week digesting those gains in a high-and-tight consolidation pattern. As Rachel points out, the pattern resembles a Pennant or Bull Flag.
- A measured move of the “flagpole” targets $67 in the near term. And with the Silver/Gold ratio ripping to fresh four-year highs, the Precious Metals trade looks far from over heading into next year.
The Takeaway: Silver just broke out from a tight, six-day consolidation, with a near-term measured-move target around $67.
