Silver had a pretty good run since mid October 2022 after months long of price consolidation. It has been moving in a upward parallel channel since mid November.
It has hit a key resistance level at $24.5 (Red Line) and failed to break out multiple times since Dec last two weeks..
Today the lower channel line got breached and if fails to get back into the channel , I see Silver might test the $22.38 support level near term and consolidate sideways for some time to build momentum.
Failure to hold the $22.38 level will take it to $20.8 support level.
If Silver manages to get back into parallel channel and break $24.5 resistance level, next target would be $26.3
Let me know your thoughts in comments.
It has hit a key resistance level at $24.5 (Red Line) and failed to break out multiple times since Dec last two weeks..
Today the lower channel line got breached and if fails to get back into the channel , I see Silver might test the $22.38 support level near term and consolidate sideways for some time to build momentum.
Failure to hold the $22.38 level will take it to $20.8 support level.
If Silver manages to get back into parallel channel and break $24.5 resistance level, next target would be $26.3
Let me know your thoughts in comments.