Silver price rose to multiyear high today morning at $36.35/oz as the price finally closed above its key resistance of 35.05-35.45. Price is in a strong bullish trend to target the upper trendline of yellow ascending channel at 36.75 which will act as temporary resistance and may trigger a pull back towards 35.50 region before bouncing back.
Stability above 35.05-35.45 will send price soaring towards 37.50 followed by 40.00-41.00 region.
Break below 35.05 will trigger correction towards 33.60-34.20 area.
On medium term basis Silver's bullish trend will remain valid till the price is stable above 33.60. Break and stability below 33.60 will send the price towards 32.70, 31.80 and 29.20 levels.
Stability above 35.05-35.45 will send price soaring towards 37.50 followed by 40.00-41.00 region.
Break below 35.05 will trigger correction towards 33.60-34.20 area.
On medium term basis Silver's bullish trend will remain valid till the price is stable above 33.60. Break and stability below 33.60 will send the price towards 32.70, 31.80 and 29.20 levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.