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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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
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Trade with perks & support the community!
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Stay sharp, trade smart.
— Team The Alchemist ⚔️
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.