Silver Tests Key Resistance: Breakout or Reversal Ahead?
Silver Tests Key Resistance: Breakout or Reversal Ahead?
Silver continues to test the key $32.50 resistance level, a pivotal area that has held firm over the past couple of weeks. So far, bulls have struggled to break through, leaving two potential scenarios moving forward:
- 1. A strong reversal lower, signaling a short-term pullback.
- 2. A breakout above $32.50, which could trigger an acceleration higher.
Given the prevailing uptrend, we favor the breakout scenario. If silver clears $32.50 decisively, the next upside target comes in at $33.60, aligning with the 78.6% Fibonacci retracement level.
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