Silver Markets Persist to Test Bottom of the Triangle

gold siver bars

Credit: Piqsels

The silver market tried to rally during the recent trading week. However, the markets broke down to touch the bottom of the ascending triangle.

The market did see plenty of buyers underneath, with the $26 level being critical for some time. Furthermore, there is still the 50-week EMA and the uptrend line from there.

Experts highlight the facet of the psychology of the candlesticks around the massive selloff meeting with stabilization. Just around a month back, the market fell apart. Nevertheless, experts observe a slightly upward tilt since then. At this point, there are subtle signs of the market trying to reach higher levels.

One can hope to see the level touch about the $28 mark and break above the top of the weekly candlestick. In this context, the $28 level has been significantly crucial, and it may extend to the $30 level and likely to have resistance at that level. However, it will take enormous efforts to reach there.

With the possibility of getting to the $30 level and crossing, it may be possible to look upwards towards the $50 level. It has been the history every time silver broke that level.

However, on the downside, experts cite that if the silver breaks beneath the $25 level, it could negate the ascending triangle. Moreover, it will throw the pattern and structure of the market into chaos.

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