Silver May Test 26.50 / 26.80 after breaking above 24.80

TVC:SILVER   CFDs on Silver (US$ / OZ)
Silver has closed above the long-term descending trend line that started in June 2021. But we need to wait till it breaks out above the 24.80/25 price zone for a long-term buy.

24.80/25 is identified as immediate resistance and double top price zone. Before June this year, when silver was above 28.80/25 price zone, it acted as strong support. Many times market-tested 24.80/25.00 price zone and silver bounced back to the upside.

So, as the market stays below the 24.80/25 price zone, we should enter the market after breaking above the 24.80/25.00 price zone.

So, breaking above the 24.80/25 price zone, our first target will be at the 26.50/26.80 price zone. There is a chance that the silver price may go to the downside correction from that level. In case, market breaks above the 26.80 price zone, our final target to the upside is 28.20.

On the other hand, from the present rate, immediate support is identified at 23.00. and low swing price is 21.50 price zone. So, as long as the market is above the 21.50 price zone, we should not sell.


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