Key Support: 25.00 – 24.75
Key Resistance: 26.00 – 26.70
Long Term View
When it comes to metals Silver has the best potential. Gold has already made all time highs but Silver´s all time highs are at the 50 level (April 2011) when it´s trading at around $25 right now.
The $25 level in Silver is the previous key level where we saw buyers jump in back in January 2021 when Silver rallied 20.75% in just 4 days. This level and its rejection at the moment is giving us a high probability buy with good risk to reward to retest the $26 level
1H Chart Analysis
Silver has dipped 7.50% this week, more than its average range from the past 3 weeks and has hit short term bearish targets at the 1.618 of the last leg up.
We can´t be certain if this bullish move is a reversal or a pullback to retest the previous broken support around the $26 level but the overextension of this bearish move points at a possible rally to the 50% from the weekly pivot to the weekly lows.
Our validation level for this trade idea is a break of today´s highs.
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