Silver saw a sharp impulsive sell-off (black leg down), followed by a controlled corrective rebound inside an ascending channel (blue). Price then rejected from the upper channel boundary and broke down, shifting momentum back to the downside.
Now price is approaching a high-importance horizontal support / demand zone (green box) marked as Target 1, aligned with the purple support line. This area is the decision point for the next major move.
Bullish: If a reversal candle forms here and price holds the zone, a double bottom is confirmed and Silver can continue up (green path).
Bearish: If it breaks and closes below this support, Silver likely starts the C wave of an ABC correction toward the next support (red path).
This is a technical study for educational purposes, not investment advice. Manage risk.
Now price is approaching a high-importance horizontal support / demand zone (green box) marked as Target 1, aligned with the purple support line. This area is the decision point for the next major move.
Bullish: If a reversal candle forms here and price holds the zone, a double bottom is confirmed and Silver can continue up (green path).
Bearish: If it breaks and closes below this support, Silver likely starts the C wave of an ABC correction toward the next support (red path).
This is a technical study for educational purposes, not investment advice. Manage risk.
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.
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.