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.
Recent News
US Tech 100 Breaks Out of Downward Chann...
March 24, 2025
Market Insights
US Tech 100 Near Key Resistance at 20200...
May 06, 2025
Market Insights
DOW JONES making a Wedge pattern on dail...
March 19, 2025
Market Insights
FOMC
November 07, 2024
Market Insights
US30 Poised for Breakout Bullish Flag Fo...
May 13, 2025
Market Insights
Gold climbed to two week high on rising...
May 21, 2025
Market Insights