Upward Trend
Silver prices set for major breakout at $30/oz, says Kedia Advisory
This story was originally published at 13:13 IST on 17 September 2024
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MUMBAI – Prices of silver are set for a major breakout, supported by long-term technical patterns and Fibonacci retracement levels, Kedia Advisory said in a technical report today. Technical patterns show a decisive move above $30 an ounce could push prices towards the next resistance of $41.50 an oz, according to the report.
"A breakout above the $30 neckline could drive silver toward $41.50, while a sustained move above this could propel it toward $49.82 and eventually to $71.98, in the long term as long as prices are above $22.50 which is a 50% Fibonacci retracement based on key Fibonacci levels," Kedia Advisory said. These retracement levels often serve as pivot points for traders.
Fibonacci retracement levels are prices, depicted as horizontal lines on a chart, which indicate where support or resistance are likely.
The quarterly chart of silver reveals a robust long-term bullish formation with three clear rounding bottom patterns, spanning 30 years, 14 years, and 4 years. The largest of these, formed over the last three decades, reflects the overarching accumulation and consolidation cycle in silver, it said.
Volume has been rising throughout the recent accumulation phase, which confirms growing interest and market activity. This surge in volume strengthens the potential for a strong breakout once silver decisively clears the $30 mark, the report said. End
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Reported by Ashutosh Pati
Edited by Avishek Dutta
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