Prices continue to carve out a Falling Wedge bullish reversal chart formation, with a Harami candlestick pattern above support at $1,638.84 reinforcing the likelihood of a bounce. Initial resistance lines up in the $1,666.37-$1,677.05 area, with a break above that validating the Wedge setup and exposing resistance barriers at the $1,700/oz. figure as well as $1,718.05.
Spot Silver (NY Close): $32.95 // +0.42 // +1.30%
Prices continue to stall having completed a Head and Shoulders top chart pattern with a break below the formation’s neckline at $32.97, the 38.2% Fibonacci retracement level. Initial support remains at $31.67, the 50% Fib, with a break lower exposing the 61.8% retracement at $30.37. The H&S setup implies a measured downside objective at $26.84, which closely coincides with the late December bottom. The 38.2% level has been recast as near-term resistance.