Silver continues to trade inside of a relatively calm range following the record-setting volatility experienced earlier in the week. This has formed a Triangle chart pattern in the nearby futures, illustrated here on the 30-minute time frame, which may see a breakout as the price approaches the apex.

The Triangle pattern measures 34 bars in length, beginning at the $29.00 per ounce support level and currently showing the key resistance near $30.80 per ounce. The pattern scores a high 8 bars in overall Quality, with 8 bars in Clarity and 9 bars in Uniformity making this a good candidate for a technical move once the direction is established.

Downside support provided by the Triangle rests just above the $30.00 per ounce level. Continued range-bound trading between the breakout levels would likely conclude by the end of Friday's session, as the chart is quickly approaching the point at which support and resistance levels will converge.

Silver remains extremely volatile in the longer term, so a narrow consolidation phase such as this may afford a rare opportunity to enter the market when it is relatively quiet and prior to the next expansion phase.

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