SILVER Weekly Chart; Sideways Symmetrical Triangle; Standard Deviation Bands Tighten

Last week, silver is down -1.6% to 16.48 below key moving averages as the epic long-term sideways symmetrical triangle continues forming with price at the apex. The vertical side of the triangle in 2016 is about 5 bucks so a breakout above 16.8 would lead to 21.80 in the months ahead. A breakdown from 16.40 would send price in a multi-month down move to 11.40. Those are two drastic outcomes.

At a minimum a 3-dollar move would be expected for the months ahead (2017 vertical line) where silver bulls target 19.8 and silver bears 13.40. The standard deviation bands are squeezing in tight on the weekly chart which hints that the initial move is going to be sharp and fast and likely to begin at anytime forward. Last week was a sharp move higher but it was a fakeout with silver retreating by the end of the week. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.