Hi, this is my new update for Silver. Finally today we have broken one of the biggest trendline in the history of Silver. In the past 2 years we have been stuck under this trendline and after testing it for the 6th time we finally see a good breakout, but not everything is certain right now. Two months ago I told you guys that we are in a "bullish expanding triangle" and I expect we are going to see a breakout and now it is time to see if this breakout holds.
First we have to test the resistance between 25.80 - 26.50$ and at the same time we are testing the 70.2% Fibonacci retracement level. I expect after we have tested those levels we are going to backtest the trendline and the support level around 24.30$ and if these levels holds that indicates the we have a valid bullish expanding triangle and we are going much higher.
At the same time we are in an overbought area in RSI chart and if everything I explained above happens I think we are going to see the RSI test the bullish area of 40 levels and it is going to bounce from that area.
Also good to see that we are getting back bullish momentum on weekly and monthly timeframes.
First we have to test the resistance between 25.80 - 26.50$ and at the same time we are testing the 70.2% Fibonacci retracement level. I expect after we have tested those levels we are going to backtest the trendline and the support level around 24.30$ and if these levels holds that indicates the we have a valid bullish expanding triangle and we are going much higher.
At the same time we are in an overbought area in RSI chart and if everything I explained above happens I think we are going to see the RSI test the bullish area of 40 levels and it is going to bounce from that area.
Also good to see that we are getting back bullish momentum on weekly and monthly timeframes.