Silver: Last Chance?
Looking at XAG/USD weekly chart, silver looks like it finished 3 waves up and is currently trading inside its corrective wave 4 near the 50% Fibonacci Retracement level, looking for a possible move up. However, the price broke below the 22.00 critical zone yellow, and not breaking above it again will keep silver under bearish pressure.
If the precious metal manages to break above 22.00, I expect the price to retest it again before keeping its way up for more upside, thus making this weekly continuation pattern valid.
Our first target for this trade is 24.00. Breaking above the upper trendline will push the price towards retesting 28.00 and probably new highs. If the price breaks out strongly above 28.00, silver may experience a beautiful continuation towards 29.83, 31.12, and 35.00 in the long run.
Moreover, since gold managed to make new highs and silver has not, I expect silver's breakout to be faster.
If the precious metal manages to break above 22.00, I expect the price to retest it again before keeping its way up for more upside, thus making this weekly continuation pattern valid.
Our first target for this trade is 24.00. Breaking above the upper trendline will push the price towards retesting 28.00 and probably new highs. If the price breaks out strongly above 28.00, silver may experience a beautiful continuation towards 29.83, 31.12, and 35.00 in the long run.
Moreover, since gold managed to make new highs and silver has not, I expect silver's breakout to be faster.
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