Silver has delivered a strong bullish breakout after decisively reclaiming the 20 EMA, 50 EMA, and 100 EMA, indicating a shift back toward short-term bullish momentum.
The breakout from the descending trendline/ascending triangle structure suggests buyers are regaining control after weeks of consolidation.
Previously, prices successfully respected the 200 EMA as a dynamic support zone near the swing lows, which acted as the base for the current recovery rally.
That bounce from the long-term moving average significantly strengthened bullish sentiment.
The iFVG near 85-86 is acting as strong resistance.
Although the fib extension zone between 0.618 & 0.50 might act as immediate support
Overall, after a bearish consolidation, prices are expected to keep the bullish momentum
The breakout from the descending trendline/ascending triangle structure suggests buyers are regaining control after weeks of consolidation.
Previously, prices successfully respected the 200 EMA as a dynamic support zone near the swing lows, which acted as the base for the current recovery rally.
That bounce from the long-term moving average significantly strengthened bullish sentiment.
The iFVG near 85-86 is acting as strong resistance.
Although the fib extension zone between 0.618 & 0.50 might act as immediate support
Overall, after a bearish consolidation, prices are expected to keep the bullish momentum
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.