Silver Price Forecast: Analyzing the New High and Anticipated Resistance Levels
Silver Price Forecast: Analyzing the New High
Silver rallied to a new trend high of 34.27 on Monday before exhibiting intraday weakness. Friday's advance triggered a bull trend continuation signal as the price broke above 32.96, and this week's gains further confirm the breakout.
Elliott Wave Analysis: Targeting 35.05
Adding simple Elliott Wave analysis shows silver likely in a fifth wave position during this current rally. This forecast indicates a potential target around 35.05. Additionally, a 61.8% Fibonacci retracement level at 35.23 provides a notable price zone to watch.
Resistance and Potential Pullbacks
- The recent high at 34.14 serves as potential resistance.
- A pullback might test previous support around 32.96.
- The critical 20-Day MA at 31.76 remains vital for sustaining the bullish advance.
Long-term Outlook: Bull Flag Pattern Indicates Upside
The broader picture for silver reveals a large bull flag pattern, originating from 2020 lows, with preliminary breakout indications since March. Continuing this pattern suggests a bullish target of 41.70, encouraging investors to utilize pullbacks as strategic entry points.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.