The appearance of a Golden Cross in Silver strengthens our analysis that the metal is currently in a strong uptrend, indicating further bullish momentum in the market. This technical pattern, where the short-term moving average crosses above the long-term moving average, is a widely recognized signal of sustained upward movement.
At the moment, Silver is experiencing a healthy correction, a natural phase in any bullish trend, allowing the asset to consolidate before potentially continuing its climb. The price is currently approaching the 38.2% Fibonacci retracement level, a key technical support zone where buyers often step in to drive prices higher. This presents a favorable opportunity to enter the market at an optimal price point.
Given this setup, we are strategically placing a buy order at $33.00, aiming to capitalize on the anticipated continuation of the uptrend. To manage risk effectively, we have set a 4% stop-loss, ensuring protection against unexpected downside movements while allowing room for normal market fluctuations. Our profit target is set at $35.00, aligning with key resistance levels and offering a favorable risk-to-reward ratio.
Profit & Loss
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