Silver breaking inverted head and shoulders

Silver breaking inverted head and shoulders

Last Friday Silver closed at a very interesting level, above the 23.50 validating a possible reversal on an inverted head and shoulders breakout.

Having said that, it was too late on Friday’s session to enter but today we saw Silver dip at Sunday’s Futures open to test and reject the 23.40 level to then start rallying.

Our trading opportunity came when Silver broke with the previous highs (which were at that moment the daily highs) completing the breakout we were looking for.

The 24.00 level still weighs heavily on Silver and with the DXY (US Dollar currency index) trading above the 94.00 level metals can quickly dip on a USD rally.

Our trade is in full profits with stops at break even almost hitting TP1.

Should Silver break with the 24.10 level (our TP1) it would break with the current bearish structure and we could see price surge to retest the previous weekly highs around the 24.80 level.

Calculated targets on this inverted head and shoulders breakout are at the 24.60 level.

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Author : Orlando Gutierrez

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