What’s new?
After silver futures kicked off the week with a strong rally on Monday and traded above resistance at $83.25, we shifted our analysis to our alternative scenario.
Primary Scenario
ADJUSTMENTS: Our main expectation is that the (corrective) upward move will soon continue toward resistance at $121.79. Still below this level, we anticipate the rally will peak before the price likely drops below support at $61.21.
Alternative Scenario
ADJUSTMENTS: In our alternative scenario, the price could continue to climb and break above resistance at $121.79. If this happens, silver would set a new high before also experiencing a sharp decline (probability: 30%).
Long-Term Outlook
ADJUSTMENTS: On the weekly chart, the projected downward move is primarily expected to extend into our blue Long-Term Entry Range ($46.52–$26.06). The alternative scenario described above also applies here.
After silver futures kicked off the week with a strong rally on Monday and traded above resistance at $83.25, we shifted our analysis to our alternative scenario.
Primary Scenario
ADJUSTMENTS: Our main expectation is that the (corrective) upward move will soon continue toward resistance at $121.79. Still below this level, we anticipate the rally will peak before the price likely drops below support at $61.21.
Alternative Scenario
ADJUSTMENTS: In our alternative scenario, the price could continue to climb and break above resistance at $121.79. If this happens, silver would set a new high before also experiencing a sharp decline (probability: 30%).
Long-Term Outlook
ADJUSTMENTS: On the weekly chart, the projected downward move is primarily expected to extend into our blue Long-Term Entry Range ($46.52–$26.06). The alternative scenario described above also applies here.
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Related publications
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.
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Related publications
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.