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

Technical Analysis Breakdown:

  1. 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.
  2. 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.
  3. 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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Maddy

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

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