Silver price action continues to display strength after successfully holding above the key high timeframe support at $57.
This region has now been retested and confirmed, with additional confluence coming from the 0.618 Fibonacci retracement and the dynamic resistance trendline that has now flipped into support. The successful defence of this area suggests buyers are absorbing selling pressure and building a foundation for the next leg higher.
As long as price action remains above the $57 support, the current structure continues to favour accumulation rather than distribution. Consolidation above this level would reinforce bullish market structure and increase the probability of another impulsive move higher. The recent retest also removes inefficiencies left by the previous rally, creating a healthier market structure before continuation.
The next major hurdle sits around the $59 resistance, which aligns closely with the psychological $60 level. A decisive breakout and daily close above this region would confirm bullish continuation and likely trigger fresh momentum from both technical traders and breakout participants. If this occurs, the path towards the next major high timeframe objective around $75 becomes increasingly probable.
For now, bulls remain in control while price holds above support. The $57 level remains the key invalidation point, while a break above $59 could be the catalyst that begins Silver's next major expansion phase.
This region has now been retested and confirmed, with additional confluence coming from the 0.618 Fibonacci retracement and the dynamic resistance trendline that has now flipped into support. The successful defence of this area suggests buyers are absorbing selling pressure and building a foundation for the next leg higher.
As long as price action remains above the $57 support, the current structure continues to favour accumulation rather than distribution. Consolidation above this level would reinforce bullish market structure and increase the probability of another impulsive move higher. The recent retest also removes inefficiencies left by the previous rally, creating a healthier market structure before continuation.
The next major hurdle sits around the $59 resistance, which aligns closely with the psychological $60 level. A decisive breakout and daily close above this region would confirm bullish continuation and likely trigger fresh momentum from both technical traders and breakout participants. If this occurs, the path towards the next major high timeframe objective around $75 becomes increasingly probable.
For now, bulls remain in control while price holds above support. The $57 level remains the key invalidation point, while a break above $59 could be the catalyst that begins Silver's next major expansion phase.
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Trade with perks & support the community!
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Claim $1000 Deposit Bonus 🎁
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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.