Are you looking to stay ahead of the game in the stock market? Our experts at Extreme Investor Network have the latest updates and insights for you. Let’s dive into the recent developments in the precious metal market.
The target for silver was recently exceeded, reaching 29.74 and surpassing it to the upside. This milestone was achieved through a combination of a 61.8% Fibonacci retracement and the target from a rising ABCD pattern extended by the 161.8% ratio. The next target for silver is the 78.6% retracement at 30.62, bringing it closer to the top downtrend line, a dynamic resistance point for the trend. Before silver can reach its recent swing high at 31.76 and the peak from May at 32.52, it must first break above the downtrend line.
Today, we witnessed a bullish signal on the weekly chart, confirming the strength of the breakout. With silver set to close above last week’s high of 29.97, it is likely to test resistance around the 78.6% retracement area and the downtrend line in the current rally. Despite a couple of short pullbacks, the bulls quickly recovered each time, leading to higher prices and maintaining control of the trend. Yesterday’s rally above the 50-Day line further indicates strength in the market.
In the event of any weakness, key near-term support for silver is around 28.79. A drop below this level could lead to a deeper retracement, but as long as silver holds above it, the odds are in favor of higher prices. Stay updated on all economic events with our economic calendar on Extreme Investor Network.
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