Silver Price Breaks $17, Could Continue Upward

iNVEZZ.com reported that on Thursday silver “broke out of a 4+ year downtrend,” rising above the $16.80- to $17-per-ounce level. The news outlet states that if the white metal is able to stay around $17, it could very well rise “to the $20 level very quickly.”

As quoted in the market news:

Looking at the breakout on the day chart below puts near term activity into focus. The key battleground will likely be the March high of $17.40. A break of this level will likely trigger short selling, adding rocket fuel to push silver to the yearly high of $18.50 and within shouting distance of the $20 range or higher if price action accelerates.

This event would be the first indication that the long-term downtrend in silver prices has ended and the next phase, either near-term consolidation or the trigger for a rally to $20/oz or higher. We will be watching closely.

Click here to read the full iNVEZZ.com report.