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Silver has closed above its 5-period simple moving average after an extended run, following a breakout from a three-bar pattern. Linda Raschke highlighted that this move indicates potential for continued upside in silver prices.
Raschke observed that buying was favorable below the previous swing low and emphasized the recent technical developments supporting upward momentum.
Raschke has previously identified similar technical patterns across different markets. Earlier this year, she noted that the peso set new momentum lows following a downside breakout from a three-bar triangle pattern. She also observed RUS climbing above its open, with the Dow moving higher and focus turning to the S&P and Nasdaq.