Metals Can Stay In Uptrend In 2024, with both, silver and metals mining showing bullish patterns
We talked about bullish metals already back on June 29 and seems like they may stay in uptrend even in 2024. CLICK HERE
If we take a look at XME ETF – Metals and Mining Sector, we can see it breaking out of a larger bullish triangle pattern, which can keep precious metals in bullish trend in 2024, especially if breaks above 60 bullish confirmation level.
What exactly is a triangle pattern? A triangle is a continuation pattern characterized by A-B-C-D-E subwaves, with each leg containing corrective subdivisions. Typically, the breakout point occurs at the swing high of wave D in an uptrend, which can be happening right now on XME chart above.
Regarding bullish metals we also want to share an interesting basic technical chart of silver (XAGUSD), which is about to break important channel resistance line. We should also consider an inverted Head&Shoulders pattern with price now approaching the neckline.
Become a member
Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.
US yields and Bunds Are Reversing The Trend. Check our latest video analysis HERE.