Upside Breakout possible in Gold Silver, Patterns on Weekly chart

It has been few months I haven’t written about precious metals, But accidentally saw the charts today. 😀 I found that COMEX gold and silver is ready for breakout from its descending triangle pattern, in this case I am expecting a positive breakout. Look at the weekly charts of silver as I see its ready for a breakout (may be in few weeks) see below chart.

Silver chart analysis

But gold may take some time for giving a breakout in that pattern.  Look at the gold’s weekly chart below:

Gold chart analysis

Trading position in Gold and Silver:

I will prefer to trade long on both of these precious metals, when the breakout happens. However, I will see when the downward sloping resistance line becomes invalid, at this very moment I will initiate long positions. In silver I see breakout earlier as compared to gold. Lets just wait for breakout, once breakout trade is active I will let you know.

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About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.

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