Silver Broke the Bull Flag

Silver has seen a massive increase in price and volume since March. Together with Gold, Silver is seeing new investor interest with the US election, and the uncertainty that comes with it.

The green area on the chart is an area of support which often signals a reversal. Recently the price has exited this green area, indicating a new short-term bullish move.
Not only has the price exited the area of support, it has also exited the bull flag which formed at the 2020 high in August.
In conjunction, these two signals could indicate a bullish move towards Resistance 1, the 2020 high.

Regarding the support lines, think of them as areas of strong buying pressure. Good to use as potential stop-losses or reversal possibilities.

Also, check out my previous post about Gold. Both commodities are showing bullish signals now!