Chart of the Day - Wednesday, April 3, 2024

🏆 Today’s Chart of the Day was shared by John Kolovos (@John_Kolovos).

• Silver broke out to a 2-year high today after blasting through resistance at $26/oz.

• Futures have surged +10% in the past five days, marking Silver’s best five-day rally since Nov. ’22.

• It’s approaching near-term resistance at $29 from the 2020/2021 peaks, but John points out that today’s breakout ultimately targets the 2011 highs at $45.

The takeaway: Silver is slowly building a long-term uptrend, and today’s move opens the door to significant upside. This also confirms the bull market in precious metals, as Silver is starting to outshine Gold.