Silver (XAG/USD) price is threatening to reverse its short-term uptrend and move lower within a range it has been yo-yoing within for almost a year – since April 2023.
Silver price will probably reverse its uptrend if it breaks below a key swing low. The precious metal formed a bearish candlestick pattern on the daily chart last week. It recently touched the top of a long-term range and is vulnerable to falling back down to the range floor. Silver price is threatening to reverse its short-term uptrend and move lower within a range it has been yo-yoing within for almost a year – since April 2023.
This could be the point – known as a Bearish Breaker in technical analysis – where it meets supply and goes lower again. A reversal of the short-term trend would indicate a probable move back down towards the lows of the range at around $22.000. An alternative, more conservative target might be the cluster of major moving averages, in the lower $23.000s, starting with the 100-day Simple Moving Average at $23.490.
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