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Price appears to be moving within a triangle formation.
Last week we saw what might have been a break out. However, this weeks trading has seen price action back inside the triangle.
There is a possibility that we may now see an impulse of buying towards the top of the structure. Look out for the Bank of Japan rate statement later this week.
Price has recently printed multiple tests of 1.1100 to 1.11200, with sellers failing to hold price below the level.
A similar situation occurred in November 2024 with buyers eventually winning the battle and taking price all the way to 1.13600.
Look for the possibility of the same thing happening if we see an impulse of buying.
Price reached the daily resistance level of $2620 per troy ounce on Thursday and then and a bearish inside candle on Friday.
The level was last tested and rejected in December and November last year.
If the next daily candle also has a bearish close, we may see an Evening Star pattern form. Some traders see this as a reversal pattern at resistance but how you...
Price has rejected the ascending trend line 3 times (September 2024, December 2024 and now January 2025).
We could be seeing a triangle pattern in play when looking at the lower highs.
Look for potential long signals if they meet your strategy rules.
Price has been moving with a daily range since September 2024.
Resistance sits at 1.13600 whist support sits at 1.11200
Price most recently double topped at resistance and could be on its way back to support.
Silver began to sell off around the 23rd October 2024 where it made its high for the year at $34.85
Since then, price has begun to decline in the form of a triangle.
With price approaching the top of the triangle (resistance). Watch price for a rejection or a breakout, to potentially sell or buy respectively if an opportunity meets your strategy rules.
