The price of SILVER (in dollars) moved above the trend line running from the low set on 12 July. The situation changed on 13 September when, at the close of the session, the trend line was defeated and the price reached the support area at 17.50 – 17.30 USD.
As can be seen in the daily chart below, since the breakthrough of the trend line the silver price is moving in the range of the breakthrough day, leading to an inside bar formation.
The current week starts with an attempt to break the pattern, as the price is above the maximum of the mother candle at 18.17. However, increases can make it difficult to overcome t the broken trend line.
With this in mind, the chances of returning to the bullish trend will increase after the closing of the session above the maximum of the mother candle and back above the trend line. Otherwise today’s breakout attempt may be unsuccessful and the sellers will start pushing the price back up to $17.50 again.
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