Silver is up more than 4% at the start of the new year, attempting to return to a stronger upward momentum. The metal has once again reacted positively around the $70 area, forming a double bottom at that level. Price has also moved back above the EMA200 and EMA50 on the hourly timeframe. On the other hand, we can see a potentially developing descending triangle formation, with $70 acting as the lower boundary (base; flat lower trendline). If the price fails to break convincingly above the $74.5–$75 area (descending upper trendline), a bearish scenario may materialize, triggering another downward leg. In that case, a 1:1 measured move could gradually push silver toward the $65–$66 per ounce region.A move above $76 would increase the chances of invalidating the bearish technical formation.
Source: xStation5
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