Technical Analysis of Silver 1-Hour Chart Ascending Channel: The price is moving within a clear ascending channel, where the slanted black line represents the lower support or middle channel line. The price has bounced off this line several times. Horizontal Support and Resistance Levels: Strong Resistance: At $60.819 (upper yellow line). Moderate Support and Resistance: At $58.168 (middle yellow line), which has now turned from resistance to support. Strong Support: At $56.564 (lower yellow line), from which the price bounced strongly on July 27. Current Situation: The current price is $58.415 (horizontal white line), located at or near the lower support line of the ascending channel (slanted black line) and above the horizontal support level of $58.168. After the sharp decline on July 27, the price of silver stabilized and began to form a gradual upward trend within a clear channel. The black slanted line represents dynamic support, while the 58.168 level represents vital horizontal support. The recent price bounce towards this support suggests the possibility of the upward trend continuing within the channel. A breakout from the channel, either upward or downward, will clearly define the next direction.
Trading Recommendations: A) Buy Scenario (Uptrend Continues): Entry Point: It is advisable to look for buying opportunities if the price shows clear signs of a bounce from the black slanted support line and the 58.168 level (for example, the appearance of a strong green candle) around the current price of 58.415. Stop Loss: Below the support level of 58.168, for example, at 57.90. Take Profit Targets: The upper boundary of the ascending channel (near 59.500). The main resistance level of 60.80. B) Selling Scenario (Trend Reversal or Correction): Entry Point: If the price decisively breaks below the support level of 58.168 and the channel's sloping support line (with strong bearish candles), selling opportunities can be looked for. Stop Loss: Above the broken support level, for example, at 58.500. Take Profit Targets: Support level of 57.500 (halfway to the next support level). Strong support level of 56.564.
