Over the past two weeks, silver surged to the $37 level, forming a new high.
Given the speed of this move from the $33 area, this nearly 20% rally appears a bit too sharp in a short time frame.
💡 As a result, profit-taking around $37 is likely, making it harder for silver to break above this level in the near term.
We expect a period of consolidation or a minor pullback, potentially dragging the price back toward the $33 zone — where buy orders may start getting triggered.
📌 The $33 area could offer a more attractive buying opportunity.
Whether silver can retest the previous highs will largely depend on the strength and volume of demand at that level.
Given the speed of this move from the $33 area, this nearly 20% rally appears a bit too sharp in a short time frame.
💡 As a result, profit-taking around $37 is likely, making it harder for silver to break above this level in the near term.
We expect a period of consolidation or a minor pullback, potentially dragging the price back toward the $33 zone — where buy orders may start getting triggered.
📌 The $33 area could offer a more attractive buying opportunity.
Whether silver can retest the previous highs will largely depend on the strength and volume of demand at that level.
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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.
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.