Silver's Bearish Continuation Triangle: Analyst Warns Against Blindly Anchoring to Bullish Chart

Silver prices have been trading around $57 after some slow price action days. Analyst DeepValue Signals is urging caution, warning against blindly anchoring to a bullish 'cup-and-handle' chart that has been circulating on social media.

DeepValue Signals notes that silver has reached the first major support area at $54-$56 and warns against assuming it will automatically mark the final low. He explains that he initially posted a cup-and-handle structure on the three-month chart, which pointed to a potential $37 backtest, not just $54-$56.

The current consolidation pattern resembles a bearish continuation triangle, rather than a bullish one. This is significant because silver has broken the key $61.50 structure on the daily chart, and any account calling for immediate new highs without acknowledging this breakdown should be questioned.