The silver market appears poised for a bullish move, supported by weekly institutional buying levels. On the daily chart, the price has retraced approximately 71%, offering a favorable discount for long positions. This level aligns with a classic retracement zone, suggesting strong potential for a reversal to the upside.
Traders can aim for an initial take-profit target at the 127% Fibonacci extension, which represents a common projection for price continuation following a retracement.
Traders can aim for an initial take-profit target at the 127% Fibonacci extension, which represents a common projection for price continuation following a retracement.
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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.