Despite its volatility, Silver remains in an uptrend. While not as dynamic as Gold, XAG often mirrors XAU’s movements. A Multiple Top has formed around $32.50, and history shows that the more a level is tested, the weaker it becomes, increasing the likelihood of a breakout. However, for Silver to gain the necessary upward momentum, it must first attract more buyers, who typically enter on price dips.
Since yesterday, Silver has pulled back, currently testing immediate support at the 23% Fibonacci retracement. This level has not historically been strong, and given Silver’s inherent volatility, further short-term declines toward $31.40 are possible, aligning with the critical 38% Fibonacci retracement. This zone has acted as strong support in the past, making it a favorable entry point for long positions.
By entering trades at this lower level, we aim to minimize drawdown while maximizing the risk-reward ratio. Our profit target is set at $1.60 per ounce, as Silver’s broader uptrend remains intact despite short-term fluctuations.
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