Silver Battle Lines Drawn - Key Range Break Pending
#Silver rebounded off confluent technical support last week at the 2021 low-week close / 52-week moving average. The immediate focus remains on a breakout of the 22.36-24.59 range for guidance here.
Ultimately a breach / close above the 2023/2022 high-week closes at 25.67/86 is needed to mark resumption of the broader uptrend.
Break below this key support barrier would threaten a spill towards 20.82.
Bottom Line: Silver just rebounded off confluent uptrend support - further upside potential here near-term but the focus remains on a breakout of the broader multi-month range in XAG/USD.
Ultimately a breach / close above the 2023/2022 high-week closes at 25.67/86 is needed to mark resumption of the broader uptrend.
Break below this key support barrier would threaten a spill towards 20.82.
Bottom Line: Silver just rebounded off confluent uptrend support - further upside potential here near-term but the focus remains on a breakout of the broader multi-month range in XAG/USD.
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