Silver goes to the moon
Silver is entering a strong upcycle, indicating that the broader script remains firmly in the bullish zone. After consolidating around the $41.20–41.40 support range, the price has not only absorbed selling pressure but also broken above a well-defined descending trendline, which had previously acted as a cap on the upside.
This breakout has occurred just above a key resistance zone (~$41.50), confirming strength and suggesting the start of a fresh upward leg. Volume expansion on breakout candles further validates buyer participation.
• Entry Zone: $41.50–41.55 (post trendline breakout confirmation)
• Stop Loss: $41.20 (below recent support block)
• Target 1: $41.80
• Target 2: $42.00–42.20 (upper resistance and measured move from breakout)
Confluences:
• Upcycle strength: Higher lows from the $41.20 base reflect demand absorption.
• Trendline breakout: Clean break above the descending resistance trendline signals trend reversal.
• Key zone retest: Breakout happened above $41.50, a zone of prior supply, turning it into fresh support.
• Momentum indicator (bottom panel): Rebounding sharply from oversold, confirming bullish momentum.
Bias: Strongly bullish as long as $41.20 support holds. Sustained trade above $41.55 can accelerate the move toward $42+.
