Silver Channel Bounce

May 7, 2021

Silver's overall uptrend continues and with having formed its most recent Higher High at key level 27.500, it's now consolidating below the key level and the Upper Trendline of the channel as another confluence. If price just so happends to be bound below 27.453 and back to Support at 27.253 may also form a H&S pattern (Head & Shoulders). A break, close and retest below Daily Support at 27.253 may confirm sells to about the 26.515 Support and Lower Trendline, that's if price respects being bound by the channel. Also another factor to consider is if NFP news is released in USD favour, price is likely to drop. Thank you for peeping this opinion. Feel free to like, comment and a follow will be appreciated if you were impressed!
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