Spot Silver is in the process of confirming an inverse head-and-shoulders pattern. If it can close strong today, above 24.87, then it will confirm a break of the neckline of the chart pattern and point to a rally in the weeks ahead.
Spot Silver Price Today Technical Forecast
The first level up it will need to contend with is the 200-day moving average at 25.35. The big target here is the measured move target based on the depth of the formation that suggests silver price could trade up to $28. This level aligns with resistance key from $28 up to $30.
To turn the outlook bearish (assuming a valid trigger today or in the days ahead), we would need to see silver reject firmly below the neckline, and even break the upward trend-line off the head of the pattern created in late September.
SILVER DAILY CHART
Silver Chart by TradingView
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading tips to help you improve trading performance, and one specifically for those who are new to forex.