Please explain the key indicator of hitting $31 even $32 Silver

akuracy503

I keep reading articles and $31 seems to be a key indicator of "breaking" out of "resistance".
What does this all mean for Silver in the near, a nice quick run up in price? What does it set us up for in the next 1-2-3 years?

DoubleEagle59

I'm not much on technical terms, but I would say $31 is referred as the "key resistance" since it was the 30 year high.

A breakout of price beyond this $31 figure would possibly signal a new and higher bull run for the price of silver.

1-2-3 year significance would be Silver is going higher.

Steve27

As the following chart shows, over the last year, silver climbed to roughly $31/oz then fell back. Thus, rightly or wrongly this is considered to be a resistance level. Now that 31 has been exceeded, a new top will be set. As for any long term implications, I don't see any.