“Silver’s Battle at $34: A Historic Resistance Level in Focus”

The $34 level is critical for silver, acting as a make-or-break point. If silver can sustain a breakout above this level, the next target could be around $38-$50. Failing to do so may result in a pullback towards $30 or $27. Given the current bullish structure, it seems more likely that silver might test higher levels if the momentum continues.

Recent Price Action and Current Position:
• The current price is around $34.52, showing a significant 10.95% gain recently.
• The chart indicates that silver is now testing a major resistance level around $34, which was previously an important support-turned-resistance zone from the 2011-2013 period.
• The price is also moving within an ascending channel, with a clear higher-high and higher-low structure since around 2020.
• The moving averages (short-term and long-term) are both pointing upward, indicating bullish momentum.

Major Resistance Levels (R1, R2, R3):
• R1: Around $34 - Current resistance, as seen from the multiple rejection points.
• R2: Around $38-$40 - Next possible resistance after a breakout.
• R3: Around $47-$50 - All-time high zone from 2011.


Market Sentiment & Momentum:
• The recent bullish momentum and volume spike indicate that traders are positioning for a breakout.
• Historically, when silver has crossed a significant resistance, it tends to move quickly and aggressively.
• However, a fake breakout or bull trap could happen if buyers lose strength near the resistance zone.