Spot Silver Forms False Break - Reversal Looming? | Feb 25th
Silver – False Break at Key Level
Earlier this month, the precious metal formed a false break of a key level, before breaking higher and making multi-month highs. After a long consolidation, silver has just formed a second false break. I am leaning towards this false break being a repeat of the prior breakout pattern, whereby it breaks higher as the overall medium term trend is still in place.
Support still comes in at 21.30. Bulls will now need to take out 22.15 to clear out some short term stops and make fresh upside. The next major target to the north would be the 24.35/50 area.
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