Silver is trading sideways since 2021, a move that can be a corrective because of choppy and overlapping price action. Ideally, that’s a very big triangle that can be coming to an end as metal is turning higher now and breaking the IMPORTANT trendline resistance of this contracting range. Ideally, A-B-C-D-E pattern is finished, so be aware of more upside, especially as a structure away from 21.90 looks impulsive, with no overlaps.
However, there can be some retracement within recovery, maybe new fourth wave is already around the corner as silver can slow down a bit at the end of blue wave 3.
Support on dips is around $25.
One of the reasons why I think silver can do well is also a potential dovish case from the FED this year. If they are realy ready to act and lower rates, this can be supportive for teh economy and commodites can benefit based on increased demand. And this may alow silver to move even higher.
GH
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