Silver (XAGUSD)Long
4-hr SILVER: $2 Jump in Silver Price
Silver is presenting a classic bullish setup with a double bottom pattern at $28.80, which is a strong reversal signal. In addition, a Golden Cross has formed, historically a reliable buying signal. The high RSI values further confirm the demand, showing that buyers are in control.
Recently, Silver has broken above both the 23% and 38.2% Fibonacci retracement levels with minimal resistance, signaling significant upward momentum and strong buying activity. This suggests a continuation of the bullish trend. If the price maintains above $28.80, the next major resistance level to test is $30.90, which aligns with the critical 61.8% Fibonacci retracement level.
Should Silver manage to break through this third resistance, it’s highly likely that the next price target will be the previous highs above $32.20, reached last month. For buyers looking to enter with a favorable risk-to-reward ratio, it may be wise to wait for a better entry point closer to $30.00. Given the current momentum, Silver has strong potential for continued upside movement, especially if it can hold above key levels.
Recently, Silver has broken above both the 23% and 38.2% Fibonacci retracement levels with minimal resistance, signaling significant upward momentum and strong buying activity. This suggests a continuation of the bullish trend. If the price maintains above $28.80, the next major resistance level to test is $30.90, which aligns with the critical 61.8% Fibonacci retracement level.
Should Silver manage to break through this third resistance, it’s highly likely that the next price target will be the previous highs above $32.20, reached last month. For buyers looking to enter with a favorable risk-to-reward ratio, it may be wise to wait for a better entry point closer to $30.00. Given the current momentum, Silver has strong potential for continued upside movement, especially if it can hold above key levels.
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