Silver prices are approaching critical levels, with the price currently hovering around ₹90,080. Recent price action has shown a breakout from a descending wedge pattern, signaling potential bullish momentum ahead.
Key Observations:
Conclusion:
With the wedge breakout and price testing key resistance levels, traders should monitor whether Silver can hold above the ₹90,332 level for confirmation of further upside. If the resistance is breached, expect a rally toward ₹94,477 and beyond. However, failure to hold this level may see a pullback toward ₹85,816.
Key Observations:
- Wedge Breakout:
- Fibonacci Extensions & Resistance Zones:
- The price is testing the key resistance zone around ₹90,332, as seen from the Fibonacci extension levels.
- A further breakout could push prices towards ₹92,497, followed by ₹94,477 in the near term, with the ultimate target around ₹96,274.
- Volume Profile: The volume profile shows significant accumulation between ₹85,816 and ₹90,332, making this range a pivotal area for price action. A sustained breakout from the current level could lead to further bullish momentum, while rejection may see prices retracing back toward ₹85,816.
- Measured Move Target: From the wedge breakout, the measured move points to an 8.5% potential gain, with a target price of ₹94,477. This aligns with the key resistance zones visible on the chart.
- Bullish Momentum: The recent bullish momentum has pushed Silver futures above several key moving averages, confirming the shift from bearish to bullish sentiment.
Conclusion:
With the wedge breakout and price testing key resistance levels, traders should monitor whether Silver can hold above the ₹90,332 level for confirmation of further upside. If the resistance is breached, expect a rally toward ₹94,477 and beyond. However, failure to hold this level may see a pullback toward ₹85,816.
Trade closed: target reached
first target hit, exit or trail your SL to 91,720
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.