The Silver Lining: Bullish Signals Emerge for Precious Metal

By Tomasz Wisniewski|

Published: January 30 2024, 05:32 GMT+0

The Silver Lining: Bullish Signals Emerge for Precious Metal

Hello traders! Today’s technical analysis spotlights silver, which is currently riding a bullish wave, presenting a compelling buy signal.

Silver has recently shown remarkable resilience, consistently defending the key horizontal support at $22.2 per ounce, a level delineated by a prominent yellow zone on the chart. This support has proven its significance throughout 2023, effectively halting declines on multiple occasions and serving as a robust foundation for price rebounds.

In addition to this noteworthy bounce from the support, another pivotal development is the breakout from the mid-term downtrend line, represented by a striking blue marker. This key movement – a leap over a staunch support followed by a breach of resistance – collectively signals a strong buying opportunity.

Looking ahead, the potential long-term target for this upward journey appears to be nestled around the $26 per ounce mark, aligning with the early December peak, as indicated by the green area on our charts.