The bullish move in silver we anticipated has played out nicely following the break of wedge resistance earlier this week, with the price squeezing above $34.24 on Thursday. Bulls will now be eyeing a retest of the October 24 swing high of $34.87.
Momentum indicators such as RSI (14) and MACD are trending higher, reinforcing the bullish setup and favouring buying dips and bullish breaks.
A retrace back toward $34.24 would create a setup where longs could be established above the level with a stop beneath for protection. While resistance may emerge around $34.50, $34.87 screens as a more appropriate target for those seeking greater risk-reward. A break above that would leave silver trading at multi-decade highs.
If silver were to reverse and close beneath $34.24, the bullish bias would be invalidated.
Good luck!
DS
Momentum indicators such as RSI (14) and MACD are trending higher, reinforcing the bullish setup and favouring buying dips and bullish breaks.
A retrace back toward $34.24 would create a setup where longs could be established above the level with a stop beneath for protection. While resistance may emerge around $34.50, $34.87 screens as a more appropriate target for those seeking greater risk-reward. A break above that would leave silver trading at multi-decade highs.
If silver were to reverse and close beneath $34.24, the bullish bias would be invalidated.
Good luck!
DS
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