Silver bulls have the slight near-term technical advantage as a bullish symmetrical triangle pattern has formed on the daily bar chart.

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March silver futures bulls have the slight near-term technical advantage as a bullish symmetrical triangle pattern has formed on the daily bar chart.

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Looking at technical charts, Patton said gold is moving in an ever-tightening so-called triangle pattern with a progressive series of lower highs and higher lows.

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Given the broader concerns about global growth and weakening demand for crude oil in the months ahead, this triangle could be a potential topping pattern.

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The triangle formation seen on Figure 2 is generally a continuation pattern, but sometimes can be a topping pattern.

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Over the past year, however, a potential triangle formation has been developing, which is a key chart pattern technical traders like to monitor.

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The larger pattern we are following is a b-wave triangle, which likely has us now in the middle of the e-wave down to complete the triangle.

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The pattern being traced out in gold is known as the right angle triangle.

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The daily chart of the iShares Silver Trust ( SLV) shows a triangle formation (lines a and b), which is a classic continuation pattern.

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What is more interesting is this final fifth wave is showing a pattern that looks like a wedge-like formation, commonly known in Elliott Wave circles as a diagonal triangle.

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