Possible scenarios for silver in the coming weeks. Price is moving inside a bullish flag but it can take some time until it breaks out.
It is more likely the price will return to the resistance at 20.14 and retrace in following days.
Key support is at 17.85.
If price breaks through resistance, the 22.50 target looks realistic considering the trend since the beginning of 2016.
It is more likely the price will return to the resistance at 20.14 and retrace in following days.
Key support is at 17.85.
If price breaks through resistance, the 22.50 target looks realistic considering the trend since the beginning of 2016.
Comment:
We can see breakout in coming days, and the retracement from 20.14 may not happen.
Comment:
1st and 2nd target levels reached. Watch for price movement around 19.00 and wait for confirmation of reversal or continuation of the downmove.
Comment:
3rd target reached. Look for opportunity to go long.