Investing.com: Silver's Breakout Rally is Slowly Unfolding
Article by Florian Grummes in investing.com
Silver, often overshadowed by its more glamorous counterpart, gold, recently captured the attention of investors worldwide. A potential breakout rally in silver prices has sparked excitement in financial markets, hinting at significant opportunities for those looking to diversify their portfolios into silver and silver-mining stocks.
After more than 13 years, silver is finally trading above $35 again! While moving within the range of $17.50 to $30ish for nearly five years, silver managed to break out above its strong resistance around $30 about year ago. Since then, bulls were making slow and sluggish, but ultimately steady progress.
It took, however, three attempts to overcome the resistance zone between $34 and $35. Finally, on Thursday, 5th of June, silver bulls were able to assert themselves with determination and drove silver prices up to $37.31 within the following two weeks. Although the gains were considerable, one would have expected a bit more momentum. Instead, silver has been consolidating for about two weeks above $35, between $35.50 and $36.50.
Nevertheless, these recent movements indicate that silver is breaking out of a .....