Wednesday Feb 23rd is a day that we may look back at and see some significant technical changes on the Daily Silver chart. Today was an Options Expiration day on the COMEX, and many traders were looking for the $24.00 level to be defended by the Shorts (Bullion Banks).
With the close price of $24.528, this chart has accomplished 2 significant changes from a Technical Analysis standpoint.
1: Silver closed above the 200 day MA of $24.20 with a strong emphatic close at $24.528. This is a significant level that all technical traders watch and many trading programs and algorithms will no doubt start to track. Silver has not traded above the 200 day MA since July 16th of 2021.
2: Silver has broken out of the Medium Term Falling (or Descending) Wedge Pattern in place since Nov 2021, which is Bullish. A run up to and a Close above the Long Term Falling Wedge pattern around $25.50 could set Silver up for a huge run.
This is a beautiful chart, setting Silver up for the breakout run that we are all looking for.
Stock up and Enjoy the Ride…