Silver at 2+Year Crucial Support zone
Updated
Silver ETF holdings globally are at it's lowest levels since Mid-2020. Today the Silver stand at its crucial support zone of 118/OZ . On Weekly charts although the fall can be considered as a Throwback. I believe this is a Flag Pattern formation after it's steep rise from 13th July'20 from $18.513 to $29.8 by December '20 which was 61% price rise in a mere half year .
After such surge the prices witnessed a correction within a channel and thus forming a flag for the 2 year movement and stands at the lower bound of the channel ever since again. Strong bounceback looks on charts within this channel can take prices upto$22.5 in first tranche and a BO from the channel can take price upto $27-29 in few months provided with support from rise in Manufacturing/Industrial Indexes and Production globally and a fall in Inflation.
After such surge the prices witnessed a correction within a channel and thus forming a flag for the 2 year movement and stands at the lower bound of the channel ever since again. Strong bounceback looks on charts within this channel can take prices upto$22.5 in first tranche and a BO from the channel can take price upto $27-29 in few months provided with support from rise in Manufacturing/Industrial Indexes and Production globally and a fall in Inflation.
Note
Silver ETF holdings has been witnessing huge sell offs globally specially ishares Silver ETF. After breaching 118/OZ support the precious metal is now headed towards 116.5/OZ levels which would be a strong support and high probability of some demand rise is expected from those levels. Buy on Dips can be a good strategy for the trading ETFs and accumulating for 1 -2 year for good returns upto 30% .
\\This is just a study and not a recommendation, only for educational purposes.
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