Silver (XAG/USD) Breaks Out from an Ascending Broadening Wedge Is $35 the Next Target?

Technical Analysis Breakdown:
-
Pattern Formation:
- The price action has been following an Ascending Broadening Wedge, a pattern characterized by higher highs and lower lows, leading to expanding volatility.
- The recent breakout above the upper boundary suggests a strong bullish continuation.
-
Inverse Head and Shoulders Confirmation:
- The formation of an inverse Head and Shoulders pattern near the lower trendline reinforced a bullish reversal.
- The neckline breakout acted as a confirmation, fueling further buying pressure.
-
Resistance and Target Levels:
- The price is currently trading around $33.77, with the next major resistance near $35.
- A successful breakout above $34 could drive silver towards the $35 psychological level, a key target for bullish traders.
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