Silver Tests Key Level as Bulls Eye Move to $73
The price of Silver is testing a key level around $63 on its charts. A double-bottom pattern has formed, with silver now trading above this neckline at approximately $64.16.
This pattern has a height of about $10, based on the move from $53 to the $63 neckline. Adding that distance to the neckline gives a target near $73 for the silver price.
The next hurdle is $65. If silver breaks above this level, it would confirm the pattern and put $66, $67, $68, and $69 in view. The main resistance levels are at $70, followed by $71 and $72, before reaching the target of $73.
The daily chart shows silver trading close to the lower trendline of an ascending channel near $62. A break below this level would put the whole setup under pressure, exposing support levels at $60, $58, and $54.