Silver Futures Price Breaks Above Falling Wedge Pattern
The price of Silver futures has formed a bullish pattern known as a Falling Wedge. This type of pattern is characterized by converging trendlines that form a wedge shape, with volumes decreasing from top to bottom. The indicator shows that all parameters for the Falling Wedge are met, including converging trendlines and decreasing volumes.
The price of Silver futures has already broken above the pattern and was confirmed both by an increase in volume and a breakout in the Relative Strength Index (RSI) into a bullish area. This suggests that the price is likely to continue upwards.
The conservative target for the price of Silver futures is set at $121.8, which is 78% away from the current price. This represents a significant potential gain for investors. However, it's worth noting that the invalidation area is set below the bottom of the pattern at $55, meaning that if the price were to drop below this level, the bullish scenario would be invalidated.
The Volume Profile indicator shows that the largest barrier within the $74-81 range is where the next largest volume on futures was traded. This could potentially act as a resistance level for the price of Silver futures in the future.