Silver has been following a textbook ascending channel since mid-2024, with multiple clean Breaks of Structure (BoS) confirming sustained bullish momentum. Every major correction found support at well-defined 2D demand zones, allowing bulls to re-enter with confidence.
Now, price has reached the upper boundary of the channel — a level that has historically triggered short-term rejections or profit-taking. The key question: is this a breakout or another fade from the highs?
From a macro perspective, silver’s strength has been supported by several drivers:
If Silver breaks and holds above this channel, it could trigger a new leg higher, potentially targeting $37 to $40. There’s little technical resistance above.
However, a rejection from the current level could open the door for a pullback toward the $34–33 region, or deeper into the key 2D demand zones near $31 and $29.80. These areas have acted as major accumulation zones in the past and may attract buyers again.
This is a technically and macroeconomically critical zone — the reaction here could define Silver’s next multi-week trend.
Now, price has reached the upper boundary of the channel — a level that has historically triggered short-term rejections or profit-taking. The key question: is this a breakout or another fade from the highs?
From a macro perspective, silver’s strength has been supported by several drivers:
- Renewed demand for hard assets amid persistent inflation expectations.
- Falling real yields and a weakening USD in recent months.
- Positioning as both an industrial metal and a monetary hedge — giving silver dual tailwinds during reflationary narratives.
If Silver breaks and holds above this channel, it could trigger a new leg higher, potentially targeting $37 to $40. There’s little technical resistance above.
However, a rejection from the current level could open the door for a pullback toward the $34–33 region, or deeper into the key 2D demand zones near $31 and $29.80. These areas have acted as major accumulation zones in the past and may attract buyers again.
This is a technically and macroeconomically critical zone — the reaction here could define Silver’s next multi-week trend.
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