Silver Appears Ready to Breakout from the Triangle

Silver moved higher over the last couple of days but failed to follow gold's big bullish movement. It was trading at 0.15per cent stronger during the London session on Wednesday.

The price is now trying to breach the upper line of the triangle pattern, which is currently near 14.800 USD. If bulls are successful, we could see a stronger upside movement, as the trend might switch to bullish again.

The next target could be at 14.95 USD and the targets that may follow are three major resistances. These are 15.10 USD, 15.15 USD - where the 100-day moving average is located - and July and August lows at 15.23 USD. Therefore, bulls will have a hard time of pushing the price above these critical zones.

On the other hand, the support for today's trading is seen near 14.60 and if not held, the price could deteriorate toward the lower line of the triangle formation, which is near 14.48 USD.

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