Silver Hits Major Breakout, Reaches Breakout Levels in Federal Reserve Interest Rates

In the U.S., the Federal Reserve’s efforts to lower travel costs fuelled hopes of a technical breakout in silver and gold prices. However, the Chicago Mercantile Exchange unexpectedly halted trading before the breakout at $54 and $55 levels in silver, leaving many investors trapped. Previously, major breakouts in silver occurred in 1980 and 2011. Now, any technical breakout can lead to rapid price increases in silver. The world’s largest derivative platform had almost $750 million in trades during October, with an average daily trading of about $35 billion, causing distress among global investors.