Silver could rise 2k pips
In my previous analysis of Silver, I highlighted the 31.40 resistance zone, suggesting that the price could reverse from that level and potentially drop below 30.
Initially, the price did retreat after touching the 31.40 zone, but it lacked follow-through to the downside. As of now, Silver has returned to this key resistance area.
Recent price action resembles a "build-up" pattern, with the market steadily pressing against this resistance.
A decisive break above 31.40 would also activate a double-bottom pattern visible on the daily chart. Based on the measured target for this pattern, Silver could gain as much as 2,000 pips in the days ahead.
Initially, the price did retreat after touching the 31.40 zone, but it lacked follow-through to the downside. As of now, Silver has returned to this key resistance area.
Recent price action resembles a "build-up" pattern, with the market steadily pressing against this resistance.
A decisive break above 31.40 would also activate a double-bottom pattern visible on the daily chart. Based on the measured target for this pattern, Silver could gain as much as 2,000 pips in the days ahead.
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