Silver maintains a bullish sentiment, in line with the prevailing uptrend. Recent intraday price action suggests a corrective pullback, potentially retesting the previous consolidation zone for support.
Key Level: 3090
This zone represents a significant area of prior consolidation and now acts as a key support level.
Bullish Scenario:
A pullback toward 3090 followed by a bullish bounce would confirm continued upside momentum. Immediate resistance targets include 3266, with extended upside potential toward 3350 and 3450 over the longer term.
Bearish Alternative:
A confirmed breakdown and daily close below 3090 would negate the current bullish outlook. This would open the door for a deeper retracement toward 3028, followed by 2945.
Conclusion:
Silver remains technically bullish while trading above 3090. A successful retest and rebound from this level would support further upside. However, a daily close below 3090 would shift sentiment bearish in the short term, increasing the risk of a deeper correction.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Level: 3090
This zone represents a significant area of prior consolidation and now acts as a key support level.
Bullish Scenario:
A pullback toward 3090 followed by a bullish bounce would confirm continued upside momentum. Immediate resistance targets include 3266, with extended upside potential toward 3350 and 3450 over the longer term.
Bearish Alternative:
A confirmed breakdown and daily close below 3090 would negate the current bullish outlook. This would open the door for a deeper retracement toward 3028, followed by 2945.
Conclusion:
Silver remains technically bullish while trading above 3090. A successful retest and rebound from this level would support further upside. However, a daily close below 3090 would shift sentiment bearish in the short term, increasing the risk of a deeper correction.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.