Spot Silver Technical Forecast and Reports 15-11-2021

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

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