I am sorry I am a little late on this one since I have not traded it for a while. Just like gold (XAUUSD), Silver is also influenced directly by USD. With USD on steroids, silver has broken lower than the last support of 21.83. It is now approaching its first target zone marked in green, breaking where it will proceed to the target zone 2.
This trend will not stop until the Federal Reserve gives it a break on the hawkish policies to strengthen USD.
The large descending triangle covers the entire period where USD lost its ground owing to COVID and USA presidential elections and is now on its way to reclaim its glory, although through some very drastic measures.
Please consider these target zones to see the most probable future targets. In order to proceed to the Target zone 2, it must break lower than target zone 1.
Happy trading, Happier profits, be a responsible trader and ensure proper risk management :)
This trend will not stop until the Federal Reserve gives it a break on the hawkish policies to strengthen USD.
The large descending triangle covers the entire period where USD lost its ground owing to COVID and USA presidential elections and is now on its way to reclaim its glory, although through some very drastic measures.
Please consider these target zones to see the most probable future targets. In order to proceed to the Target zone 2, it must break lower than target zone 1.
Happy trading, Happier profits, be a responsible trader and ensure proper risk management :)
