SILVER (XAGUSD): Bullish Accumulation
After a significant price increase last week, Silver is now in a consolidation phase. An ascending triangle pattern is forming on the intraday chart, suggesting potential bullish accumulation.
The neckline of this pattern is currently being tested. I believe that a bullish breakout, specifically with a 2-hour candle closing above 34.35, will trigger further upward momentum. This could lead Silver to reach 31.80 and possibly challenge the all-time high resistance level.
Conversely, a bearish breakout below the triangle trend line could indicate a strong downward move.
The neckline of this pattern is currently being tested. I believe that a bullish breakout, specifically with a 2-hour candle closing above 34.35, will trigger further upward momentum. This could lead Silver to reach 31.80 and possibly challenge the all-time high resistance level.
Conversely, a bearish breakout below the triangle trend line could indicate a strong downward move.
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