Silver could drop 2k+ pipsSilver has been on the rise recently, but unlike its big brother, Gold, it started rolling back down on Friday—even as Gold continued to print new all-time highs, culminating at 3,150 yesterday.
This divergence between the two metals could be an early sign that Silver is losing momentum.
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Technical Signs of Weakness
📉 Rising Wedge Formation – Since early March, Silver’s price has been contained within a rising wedge, a classic bearish pattern signaling an impending breakdown.
📉 Testing Key Support – Right now, the price is hovering above wedge support. If Gold fails to hold above 3,100, I expect Silver to break down as well.
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Targeting the Breakdown
If Silver breaks below support, I expect:
🎯 Initial target: $32
🎯 Final target: $31 (a key support zone)
Trading Plan: Selling the Rallies
Given the current setup, my strategy is to sell into rallies, aiming for at least a 1:2 risk-reward ratio.
Let’s see if Silver follows through on this bearish setup! 🚀
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
