Right now, Silver is worth keeping on the radar.
After falling from multi-year highs near 40 down to 36.20, the metal reversed and broke above both the falling trendline from the top and the 37.80 resistance.
Similar to Gold, the final sessions of last week were marked by range trading, with a clear top at 38.50 and bottom at 38.00.
Looking ahead:
• Bullish case: A break above 38.50 would be significant for buyers and could open the door for another test of the 40.00 zone.
• Bearish case: A daily close below 38.00 would be very negative, confirming a lower high at 38.50 and raising the probability of an ABC-type correction. In this scenario, 35.50 support becomes a likely target, with potential for a 2,500-pip drop.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
After falling from multi-year highs near 40 down to 36.20, the metal reversed and broke above both the falling trendline from the top and the 37.80 resistance.
Similar to Gold, the final sessions of last week were marked by range trading, with a clear top at 38.50 and bottom at 38.00.
Looking ahead:
• Bullish case: A break above 38.50 would be significant for buyers and could open the door for another test of the 40.00 zone.
• Bearish case: A daily close below 38.00 would be very negative, confirming a lower high at 38.50 and raising the probability of an ABC-type correction. In this scenario, 35.50 support becomes a likely target, with potential for a 2,500-pip drop.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.