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Exploring Silver’s Recent Performance: Insights by André Cardoso

Silver’s Recent Breakout and Momentum

Silver has shown impressive bullish momentum after breaking through the stubborn resistance level at $32.95. This breakout has set the stage for a potential uptrend, fueled by strong buying activity.

Navigating Overbought Conditions and Historical Patterns

Since October 11th, silver has been consistently in overbought territory. It’s important to note that similar instances in the past have often preceded downward corrections, as evidenced in the corrections observed in August and September.

Fibonacci Extensions and Support Levels

Silver is currently approaching the 161.8% Fibonacci extension from its recent low between October 4th and 8th, which experienced an 8.65% decline. Subsequently, the market reacted positively, nearing the formation of a potential bearish crab pattern.

Identifying Potential Bearish Signals

Watch for signs of the bearish crab pattern forming around the $34.72 mark. This pattern could signal a shift in silver’s recent upward trend, potentially leading to a retracement towards previously breached major resistance levels, particularly around $32.51.

Strategic Moves for Savvy Investors

For long-term investors, the former resistance level, now acting as support at $32.51, is a critical focal point. Monitoring this level closely can guide strategic decisions on position adjustments and navigating the silver market effectively.

André Cardoso

註釋

#XAGUSD is now approaching the significant 38.2% Fibonacci retracement level and facing descending wedge support, while also nearing the broken resistance established at $32.95. The default target for the head and shoulders pattern remains at $32.36