Silver Technical Analysis 23 - 24 May - MCXChart Pattern: Bullish Cup and Handle (Forming)
Upside Potential:
Target 1: Above 73,000 (Long-term bullish potential if the cup and handle pattern breaks upwards decisively)
Downside Risk:
Support 1: 90,600 Key support level)
Target 2: 87,750 (If price breaks below support 1 and invalidates the cup and handle formation)
Analysis:
#Silver is currently exhibiting a bullish cup and handle chart pattern (if forming). This pattern suggests a potential breakout and continuation of the uptrend if the price decisively breaks above the rim of the cup.
A break above 73,000 would be a significant bullish signal, indicating potential for further price appreciation in the long term.
However, if the price fails to hold above 90,600 (support 1) and breaks below this level, it could invalidate the cup and handle pattern and suggest a potential downside correction.
The target for this correction would be 87,750.
Overall:
The current technical outlook for silver is cautiously optimistic. The cup and handle pattern suggests potential for upside, but a break below key support could indicate a short-term correction.
Note: This analysis is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
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