Silver is bullish: breakout above 67.99 and consolidation above 72.07 imply higher prices; pullbacks are buying opportunities as silver will eventually go much higher.

Next chart up, silver. Now, silver, much like on gold, has received an awful lot of interest over the past couple weeks. But, this was somewhat foreshadowed too when silver started breaking out here on August 5th from this declining trend line and then put in beautiful bullish consolidation here starting the week of August 12th.

And in a sense, resulted in a breakout. That's what should have happened with that bullish momentum gaining traction and then breaking out going to the next resistance level at 67.99.

And now that we have comfortably traded on top of that, that is now the near-term support. You can even see price pierced that level today and bounced right up. The more and more we hit that level, the weaker it will become as support.

So, if you're bullish on silver, you want to see price get away from 67.99 and not come back and hit it anytime soon. Go back up to the 72.07, this other resistance level, and start consolidating there.

That would imply we're going to go higher. Whenever you end consolidate on top of a level of support, it implies it could break to go under. Now, notice back here, you could see how this consolidation mainly took place above the trend line.

You see it and it a comfortable space above except for these 2 days in which price retrace and bounced and moved up over. I would rather prefer to see that sort of consolidation on top of the support, not with price continually hitting it throughout the consolidation which would then weaken the support.

Hopefully, you understand the differences there and they're key minor nuances, but it really does help stack probabilities in your favor whenever you're trying to analyze if there's more juice in the stock and/or commodity to push up higher on the charts or if it's starting to lose steam.

And one of the ways to do that is what I just walked you through and how price consolidates in and around support and resistance levels.

Looks like some of the investment interest in silver and gold is at least tapering for now, um but could obviously be reignited. So, take any sort of pullbacks as I've outlined on the charts as some buying opportunities to pick back up some of these precious metals as I anticipate eventually they will be going much much much higher on the charts.

It's just all about your uh time horizon and how long you want to hold your investment in those precious metals.