Resistance Zone Emerges Higher
A higher swing low of $70.87 was established in April and a bullish weekly reversal triggered last week. Since price is extending higher following multiple bullish signals, a continuation of the advance is anticipated. The next lower swing high of $96.43 becomes a potential target now that a reversal triggered for the lower swing high of $83.06. That level is close to the 61.8% Fibonacci retracement at $98.50, and together they create a resistance zone from around $96.43 to $98.50.
Long-Term Bullish Outlook Improves
The recovery of the 100-day moving average shows strength for the long-term trend and signs of continuation. This doesn’t mean that silver will immediately rally to new record highs, but it does suggest that the eventual recovery may lead to new highs. Until then, key dynamic support is near the 100-day average, and if silver remains above it, the long-term outlook is bullish. That would further confirm the significance of Monday’s breakout and the recovery from that March correction.
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