Jesse Colombo of the Bubble-Bubble Report said in SP500, Silver’s Bull Market Has Officially Begun! He wrote, Silver has officially broken out in a big way, kicking off its bull market. Multiple confirmations I was watching for have now been fulfilled, and silver still has plenty of fuel left in the tank.
While gold soared over the past year, silver lagged behind, repeatedly held back by two major resistance zones — $32 to $33 and $34 to $35 — which stopped multiple breakouts attempts and kept it in a prolonged consolidation phase.
That finally changed a month ago when silver decisively broke through these critical levels. Although it paused in recent weeks, this was simply a healthy consolidation before the next big surge.
This past Friday- July 18, that surge finally arrived, marking a true breakout and the official start of silver’s bull market. In this update, I’ll discuss where silver stands now and share what I expect to happen next.
Over the past month, silver has finally broken through the heavy resistance cluster between $32 and $35, a major technical victory underscored by Friday’s powerful 4.42% surge on strong volume that pushed prices right to the doorstep of $39 an ounce. This is a highly positive development signaling that silver’s bull market is just getting underway. With this strong momentum, silver is likely to make a rapid run at $40 next — and then $50 soon after.
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