Silver Broke Out but the Rally Isn't Confirmed Yet
Silver breakout above the June to August range is riding on fresh optimism over a potential US-Iran deal, though the move is not yet confirmed.
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Silver breakout above the June to August range is riding on fresh optimism over a potential US-Iran deal, though the move is not yet confirmed.
Razan Hilal, FOREX.com Market Analyst, breaks down the technical picture for silver and the geopolitical driver behind the move.
Hilal works through what a sustained hold above former resistance would take to confirm the breakout, and where silver could find support if the US-Iran talks break down. A longer six-month chart adds the other side of the story, where a shooting star pattern and a golden-ratio Fibonacci retracement mark a historic confluence zone.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.
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