Hi Traders!
There is strong resistance on Silver at the psychological 25 level. After the ascending channel break, there was a bullish wave towards the 25 level, and we now have a big slowdown in the bullish momentum.
Looking at the price action on the chart, the market looks like it wants to break the 25 level to target our long-term resistance level at 26.129, primarily due to the lack of any current pullbacks. However, we may need a new wave of bulls to achieve this.
That being said, the longer the 25 level holds, the more chance we have of getting a pullback to test the 24 level as support. If we get a momentum break and close above 25, then 26.129 is the next key level; there was a double top at this level in May 2023.
Please do not forget to like, comment, and follow, as your support helps us greatly.
Thank you for your support.
BluetonaFX
There is strong resistance on Silver at the psychological 25 level. After the ascending channel break, there was a bullish wave towards the 25 level, and we now have a big slowdown in the bullish momentum.
Looking at the price action on the chart, the market looks like it wants to break the 25 level to target our long-term resistance level at 26.129, primarily due to the lack of any current pullbacks. However, we may need a new wave of bulls to achieve this.
That being said, the longer the 25 level holds, the more chance we have of getting a pullback to test the 24 level as support. If we get a momentum break and close above 25, then 26.129 is the next key level; there was a double top at this level in May 2023.
Please do not forget to like, comment, and follow, as your support helps us greatly.
Thank you for your support.
BluetonaFX