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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면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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Trade with perks & support the community!
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Stay sharp, trade smart.
— Team The Alchemist ⚔️
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.