# Analyzing Silver: Is a Double Bottom in Play?
At Extreme Investor Network, we believe in diving deeper into market trends to help you make informed decisions. Recently, the silver market has shown some intriguing signs. Let’s break down the latest indicators, trends, and what they could mean for your investment strategy.
## A Glimpse of the Double Bottom Formation
Last week, silver hit a notable low of **$29.64** – marking the second recent low in a potential double bottom pattern. This was followed by a rapid bullish reversal that carried over into Friday. Such movements suggest that silver could be on the verge of significant momentum. Should silver maintain its upward trajectory and surpass Friday’s high, we could see this double bottom pattern come to fruition, signaling a potential bullish reversal.
For those interested in the resistance levels, an upside breakout will be confirmed if silver rallies past the neckline at **$31.54**. Additionally, the **50-Day Moving Average (MA)**, currently at **$31.76**, sits slightly above this neckline, further reinforcing its importance as a pivotal price point. A glance at the weekly chart reveals a range of prices, with a three-week high at **$31.54** and the recently established low at **$29.64**.
## Support Levels: What’s in Play?
Taking a broader perspective, we see that after reaching a trend high of **$34.87** on October 22, silver has been retracing its steps. This peak likely completed a five-wave Elliott Wave structure, hinting at a strategic pullback. Support has recently solidified, with price rebounds at **$29.68** on November 14 and again at **$29.64** last Friday. Crucially, the latest low coincided with the **61.8% Fibonacci retracement**, which many traders view as a significant level for potential rebounds.
Support is also being tested along the upper trendline of a previous retracement channel initiated from wave-3 at **$32.52**. This revisit to former trendline resistance could be critical as it hints at the possibility of a bullish breakout, making it a focal point for traders.
## What Happens if We Break Below $29.64?
While the bullish narrative is compelling, caution is warranted. A decisive drop below **$29.64** could signal the continuation of a bearish trend. In this scenario, we might witness potential support levels around **$29.24** (the **78.6% retracement level**) and the **200-Day MA**, which is currently positioned at **$29.15**. If these critical levels fail to hold, we may see silver prices drifting lower, prompting traders to reconsider their positions.
## Stay Informed with Our Economic Calendar
As market dynamics change daily, staying up-to-date with economic events is crucial for any successful trader. For insights on today’s economic updates and how they might impact the silver market or your portfolio, visit our **[economic calendar](#)**.
At Extreme Investor Network, we strive to provide unique insights, actionable advice, and the information you need to navigate the complexities of trading. Stay tuned for our expert analyses and happy investing!
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