Silver closed above a significant resistance around 24.52. Everytime it did this on the way up since July 2020 it hit the 26.20 region (see red circles in the weekly chart), except in one instance in Nov 2021 when it went up to the 25.40 area and came back down again (see red arrow on the weekly chart and green horizontal line drawn from that level).
However, one may also look at possible trendlines coming from the previous highs. However way we look at it they give us leeway to catch part of the trend and this provides opportunity for a trade with a 2/1 ratio which is enough for me, given the stop loss is tight and just below resistance turned support. I opened a small position and if price retests support and reacts accordingly, I might even add another small position with same criteria. I am aiming at 25.30.
However, one may also look at possible trendlines coming from the previous highs. However way we look at it they give us leeway to catch part of the trend and this provides opportunity for a trade with a 2/1 ratio which is enough for me, given the stop loss is tight and just below resistance turned support. I opened a small position and if price retests support and reacts accordingly, I might even add another small position with same criteria. I am aiming at 25.30.