SILVER (XAGUSD) 04/02/2024Purple Box: Bearish (21.6 - 22.1p/o)
Blue Box: Bullish 1.(25 - 25.6) 2.(28 - 28.7p/o)
Bullish Scenario
Silver's a very under priced metal, I'm thinking because countries are stock piling more gold they should also be doing the same with silver...
Prise is finding or has found support above 22p/o and so a push upwards towards 25 is highly probable...
If we call our last push down a retrace, we hit 60-70%(discount?)
Bearish Scenario
There is a high probability of being bullish, but the markets the market and a fall shouldn't be ruled out...
A break below the purple box with resistance then found and a fall to 18p/o is likely... (bias change)
We could be forming an ascending triangle... So one more rejection of 25p/o and then a full pullback climb to 28p/o or passed.