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Metals Can Stay In Uptrend In 2024Dec 1, 2023

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.

Metals Can Stay In Uptrend In 2024 XME Daily Chart
XME Daily Chart

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.

Metals Can Stay In Uptrend In 2024 Basic Bullish Triangle Pattern
Basic Bullish Triangle Pattern

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.

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Metals Can Stay In Uptrend In 2024 XAGUSD Monthly Chart
XAGUSD Monthly Chart

US yields and Bunds Are Reversing The Trend. Check our latest video analysis HERE.

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