Welcome to the Extreme Investor Network blog where we provide unique insights and analysis on the Stock Market, trading, and Wall Street. Today, we’re diving into the latest trends in silver trading and exploring potential opportunities for investors.
The recent highs in silver hit an initial target for a rising ABCD pattern, causing the ascent to stall temporarily. As we look ahead, there are key price levels to watch for potential support. The 38.2% Fibonacci retracement at 29.56, the 20-Day MA at 29.46, and the 61.8% Fibonacci retracement at 29.12 are all important levels to monitor as the market pulls back.
Despite the current stall, the upside breakout remains a strong possibility. Silver found support at 26.47 during the recent retracement, with the 200-Day MA providing crucial support at 26.08. The higher swing low and breakout last week indicate strength in the market, suggesting further attempts to break higher are likely.
A bullish signal will be triggered above 31.41, leading to a continuation of the advance with silver targeting the interim swing high of 31.755 from July 11. Further upside targets around 32.34 to 31.42 are in focus, including the 127.2% extended target for the rising ABCD pattern.
The monthly chart also supports a bullish resolution, with a reversal triggered earlier this month above the August high of 30.19. This signals potential for further upside movement in the market.
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