Charting Silver: Is It Groundhog Day for the White Metal?

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Silver began a monster rally about a year ago. Now the technicals could be lining up similarly.

First, consider how XAGUSD dumped after hitting resistance at its 50-day simple moving average (SMA) in late March. Prices quickly stabilized and then entered a period of sideways consolidation. They soon pushed above the 50-day SMA and started moving higher again. These events happened last year on May 7 and this year on May 3.

Next is the tight ascending …

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Silver (XAGUSD), daily chart with key patterns, courtesy of TradingView.
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