Silver Long Term Technical Report by Amit Gupta, Kedia Advisory
Silver
The quarterly chart of Silver shows three significant Rounding Bottom patterns: a 30-year, 14-year, and 4-year, all pointing to a robust long-term bullish outlook. The 4-year pattern, with a neckline at $30, is approaching a critical breakout. A decisive move above this level could push Silver towards the next resistance at $41.50, aligned with a 100% Fibonacci retracement. Further targets include $49.82 (127.2%) and $71.98 (161.8%) if the bullish momentum continues. Rising volume and price above the Ichimoku cloud confirm increasing market interest and uptrend strength. Silver remains bullish above the $22.50 support level (50% Fibonacci retracement).
Technical Highlights
*Three Rounding Bottom patterns were identified: 30-year, 14-year, and 4-year.
*Neckline resistance was observed at $41.50, with a smaller neckline at $30 for the 4-year pattern.
*Volume shows a consistent uptrend, signalling increasing market participation.
*Fibonacci levels confirm significant retracement and potential targets.
*Silver price is currently above the cloud, indicating an uptrend.
Silver
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. The 14-year pattern, completed around 2020, aligns with a significant price recovery. More recently, the 4-year rounding bottom has formed, and prices are approaching a key breakout point. The $30 level, representing the neckline for the 4-year rounding pattern, is crucial. A decisive break above this could propel Silver toward the larger neckline at $41.50. Notably, this level aligns with the 100% Fibonacci retracement of the prior move, which suggests that surpassing it could lead to the next Fibonacci targets of $49.82 (127.2%) and $71.98 (161.8%) in long term as long as prices are above $22.50 which is 50% Fibonacci retracement. The use of Fibonacci retracement levels highlights key support and resistance zones, with Silver’s recent rally retracing beyond the 61.8% Fibonacci level at $26.99, which adds further bullish momentum. These retracement levels often serve as pivot points for traders, and a move beyond the 78.6% Fibonacci level around $33.38 would confirm the strength of the ongoing uptrend. Volume has been rising throughout the recent accumulation phase, confirming growing interest and market activity. This volume surge reinforces the potential for a strong breakout once Silver decisively clears the $30 mark.
Finally, Silver is poised for a major breakout, supported by long-term technical patterns and Fibonacci retracement levels. The price is currently trending above the Ichimoku cloud, affirming a bullish momentum. 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.
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