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
Dow Jones at Critical Support Bearish Pr...
May 22, 2025
Market Insights
DOW JONES making a bullish flag near to...
July 02, 2025
Market Insights
NASDAQ100 Holds Support at 21,562 Eyeing...
June 19, 2025
Market Insights
US30 Approaches Key Resistance Breakout...
July 23, 2025
Market Insights
Gold testing 100EMA on Daily, Time for r...
December 20, 2024
Market Insights
Gold price stalls intraday recovery from...
November 26, 2024
Market Insights