Silver has successfully maintained its upward movement within the secondary ascending channel, holding key support and resistance levels. Currently, the price is near the upper boundary of the channel. A corrective decline is expected in the coming period, provided that a full daily candle does not close above the upper boundary. If such a close occurs, silver could extend its rally toward $34.90 in the near future.
On the other hand, if silver closes a full daily candle below $31.65, this would signal a trend reversal, leading to a strong decline in the next phase.
Looking at the attached chart, a corrective decline toward $32.45 is likely, but only if silver remains above the mentioned support levels. Additionally, the Relative Strength Index (RSI) indicates that the current uptrend is nearing its end.
On the other hand, if silver closes a full daily candle below $31.65, this would signal a trend reversal, leading to a strong decline in the next phase.
Looking at the attached chart, a corrective decline toward $32.45 is likely, but only if silver remains above the mentioned support levels. Additionally, the Relative Strength Index (RSI) indicates that the current uptrend is nearing its end.
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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.