Hi, 1PERCENT here.
Silver head a "huge" weekly candle close this week with +10% which is a pretty big move for such an asset.
It broke through a resistance zone that it was unable to break since it lost the price zone in July 2021.
Now that it broke the descending trendline that started in 2011(!) & that 3 year resistance zone, I believe we are going to have some really big moves.
In a TA perspective, it would be healthier for
SILVER
to re-test that previous resistance zone turned support and then, continue upwards.
One possibility of this happening is the next scenario:
1) Goes up short-term until the Blue range highs $28.65, which also is a Yearly supply zone,
2) Rejection & re-test the recently broken Green zone, maybe a wick into the Blue mid-range $25.28
3) Continuation upwards, re-challenging the Yearly Supply.
However, it could also go like this:
When Silver goes, she goes hard.
Silver head a "huge" weekly candle close this week with +10% which is a pretty big move for such an asset.
It broke through a resistance zone that it was unable to break since it lost the price zone in July 2021.
Now that it broke the descending trendline that started in 2011(!) & that 3 year resistance zone, I believe we are going to have some really big moves.
In a TA perspective, it would be healthier for
SILVER
to re-test that previous resistance zone turned support and then, continue upwards. One possibility of this happening is the next scenario:
1) Goes up short-term until the Blue range highs $28.65, which also is a Yearly supply zone,
2) Rejection & re-test the recently broken Green zone, maybe a wick into the Blue mid-range $25.28
3) Continuation upwards, re-challenging the Yearly Supply.
However, it could also go like this:
When Silver goes, she goes hard.
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Well who would've guessed?
Well who would've guessed?
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She is going hard but market is getting too excited right now.
Wick over the blue range high & rejection would be healthy.