Key Takeaways
- Silver exceeded its target of 29.74 to the upside, marking a 61.8% Fibonacci retracement and a rising ABCD pattern extended by the 161.8% ratio.
- The next target for silver is the 78.6% retracement at 30.62, bringing it closer to the top downtrend line which represents dynamic resistance.
- Today’s advance confirms bullish continuation on both the daily and weekly charts, with potential resistance at the 78.6% retracement area and downtrend line.
- Two short pullbacks have occurred during the uptrend, but quick recoveries signal bullish control and potential for higher prices.
- If weakness does occur, key near-term support lies at 28.79, with a decline below potentially leading to deeper retracement.
Target Exceeded
The recent target of 29.74 was reached last week, exceeding to the upside today. This milestone was achieved through a 61.8% Fibonacci retracement and a rising ABCD pattern extended by the 161.8% ratio. The next target for silver is the 78.6% retracement at 30.62. As silver aims to challenge recent swing highs, it must first overcome the top downtrend line.
Weekly Bullish Signal Today
Today’s advance not only continues the bullish trend on the daily chart but also signals a bullish continuation on the weekly chart. Testing resistance around the 78.6% retracement area and downtrend line is likely in the current rally after surpassing last week’s high of 29.97.
Key Near-Term Support Around 28.79
Despite two short pullbacks, silver has shown strength with quick recoveries. Maintaining control above the 50-Day line suggests a bullish outlook. Key support rests at 28.79, with a decline below potentially leading to a deeper retracement.
For a comprehensive overview of today’s economic events, refer to our economic calendar.