Silver Poised for Breakout:Why $38 Could Be a Realistic Target?
Updated
When it comes to medium-term speculation, Silver ( 
XAGUSD ) can sometimes be more profitable than Gold, especially when your timing is right. I believe this could be one of those times.
Since the beginning of August, when Silver found strong support and reversed with a bullish engulfing pattern, the price has been rising in a constructive manner. We've seen higher lows on the chart, with each broken resistance level being confirmed as new support.
Currently, Silver is approaching a key resistance level and appears to be pushing for an upward breakout. Additionally, the price structure over the past few months has formed an inverted head and shoulders pattern, further signaling strong bullish momentum in the medium term.
With the Non-Farm Payroll report just a few hours away and considering the strong buying pressure on precious metals, I expect this level to break.
Based on the measured target from the pattern, a move toward $38 per ounce is realistic, which could mean a potential profit of 6,000 pips for those willing to hold this trade with patience.
In conclusion, I plan to buy Silver with a year-end target, using $31 as the invalidation point, offering a solid risk-reward ratio of 1:6.
XAGUSD ) can sometimes be more profitable than Gold, especially when your timing is right. I believe this could be one of those times.Since the beginning of August, when Silver found strong support and reversed with a bullish engulfing pattern, the price has been rising in a constructive manner. We've seen higher lows on the chart, with each broken resistance level being confirmed as new support.
Currently, Silver is approaching a key resistance level and appears to be pushing for an upward breakout. Additionally, the price structure over the past few months has formed an inverted head and shoulders pattern, further signaling strong bullish momentum in the medium term.
With the Non-Farm Payroll report just a few hours away and considering the strong buying pressure on precious metals, I expect this level to break.
Based on the measured target from the pattern, a move toward $38 per ounce is realistic, which could mean a potential profit of 6,000 pips for those willing to hold this trade with patience.
In conclusion, I plan to buy Silver with a year-end target, using $31 as the invalidation point, offering a solid risk-reward ratio of 1:6.
Trade active
Silver broke above resistance
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