Gold has continued on with its bullish wedge breakout and Silver is in the process of attempting one now too as it rallies above the key S/R level of $15. There has been a 4hr candle close above the weekly chart's bear trend line but, obviously, a weekly candle close above this level needs to be seen to confirm any bullish-reversal descending wedge breakout.
Silver weekly: a bullish-reversal descending wedge has been stalked here for some time. Watch for any weekly candle close above this two year+ bear trend line:
Silver daily: the daily candle has yet to close but any close above this bear trend line will be encouraging. It does look set to close above the $15 S/R level however which is bullish. I would expect that this $15 S/R level might be tested again before continuation though:
Silver 4hr: price action is currently negotiating this bear trend line and there has been a 4hr candle close above this resistance and, now, a test. Any hold above this region would be bullish. I note that a new TC signal formed overnight but caution is needed in case price rejects this trend line:
Silver 30 min: the 30 min chart shows how this $15 breakout evolved at the start of the US session:
Ichimoku Cloud: I noted on the w/e in my analysis that Silver was trading above the 4hr Ichimoku Cloud but below the daily Cloud. I explained that the top of the daily Cloud was aligned with the key $15 S/R level and that any close above this resistance zone might see price accelerate higher. We shall have to see if such a move does evolve!
Silver 4hr Cloud: price is above the 4hr Cloud:
Silver daily Cloud: note how the $15 and top of the Cloud align:
Silver weekly Cloud: also note that Silver is just below the weekly Cloud and this is worth keeping an eye on too. Any close back above this resistance would be the first in over four years; since mid 2011!
Summary: Silver has made a bullish 4hr candle close above $15 S/R and above a two year+ bear trend line. Watch for any daily candle close above these levels and, then, for any weekly close to support bullish continuation. Also keep note of the weekly Ichimoku Cloud as any new close and hold above this could support a polarity shift suggesting more upside.