Silver touched its support level at $37.50 and quickly bounced back into the accumulation zone.
From the current levels, I expect an upward breakout. The setup looks very bullish.
I'm going long from the current price of $38. Stop-loss is placed just below the local low at $37.50. A break below $37.50 would signal further downside toward the next strong support around $36.75–$37, where I’d reassess the long opportunity. But honestly, I see this scenario as unlikely.
Targets are all the round numbers: $40, $41, and so on (classic—markets are psychological, and people tend to focus on clean, round numbers). Additional targets include $43.50 and $48.25, which align with levels from 2011–2012.
And look at how harmonious the chart looks.
Volatility is decreasing, the entire structure is stretching out on the hourly timeframe.
We're seeing accumulation followed by an expected breakout, and based on all external factors, an upward move seems likely.
📝Trading Plan
Entry:Entry at current prices and in the 37.75–38.25 range — the long position remains valid.
In fact, the long setup remains valid even at slightly higher levels (but not below), although the stop-loss starts to widen and exceeds 2%. If you're okay with that, then it's still a viable long opportunity.
Stop Loss: Below yesterday's low at $37.50
Target:The first target is $40, and the global target is $ 48.25.
However, it's unlikely we'll reach that level in one move — there will likely be re-entries along the way.
From the current levels, I expect an upward breakout. The setup looks very bullish.
I'm going long from the current price of $38. Stop-loss is placed just below the local low at $37.50. A break below $37.50 would signal further downside toward the next strong support around $36.75–$37, where I’d reassess the long opportunity. But honestly, I see this scenario as unlikely.
Targets are all the round numbers: $40, $41, and so on (classic—markets are psychological, and people tend to focus on clean, round numbers). Additional targets include $43.50 and $48.25, which align with levels from 2011–2012.
And look at how harmonious the chart looks.
Volatility is decreasing, the entire structure is stretching out on the hourly timeframe.
We're seeing accumulation followed by an expected breakout, and based on all external factors, an upward move seems likely.
📝Trading Plan
Entry:Entry at current prices and in the 37.75–38.25 range — the long position remains valid.
In fact, the long setup remains valid even at slightly higher levels (but not below), although the stop-loss starts to widen and exceeds 2%. If you're okay with that, then it's still a viable long opportunity.
Stop Loss: Below yesterday's low at $37.50
Target:The first target is $40, and the global target is $ 48.25.
However, it's unlikely we'll reach that level in one move — there will likely be re-entries along the way.
Note
If we break through 38.10, it will be a very good sign for continued growth in the near term and we can move the stop-loss higher.
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.
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.