Silver (XAG/USD) is in a powerful rebound phase, trading near $79.79** after bouncing from a low of **$63.90. The price recovered from a false breakdown below the key $72-73 support zone, a bullish sign that may have formed a local bottom.
📊 Key Chart Levels & Volume
· Crucial Support: **$82-90**. A sustained break below invalidates the bullish structure and risks a fall toward $60.
· Major Resistance: $92**. A break above this level is needed to confirm a full trend reversal and target **$105.
· Volume Insight: The rebound from the lows saw a massive volume spike (over 1.2M on Feb 6), signaling strong buying interest. Recent volume remains healthy, supporting the move.
💰 Your Trade Plan
Market Bias: Cautiously Bullish 🟢, expecting a test of higher prices if support holds.
· Scenario 1: Buy the Dip (Preferred). Enter a long position on a retest of the $72.50 - $75.00 support zone.
· Stop-Loss (SL): Below $70.00.
· Take-Profit (TP): $90.00**, then **$92+.
· Scenario 2: Breakout Trade. Enter on a confirmed daily close above $92 resistance.
· Stop-Loss (SL): Below the breakout level.
· Take-Profit (TP): $105.
⚠️ Critical Risk Warning
Silver is experiencing extreme volatility. Some exchanges offer up to 500x leverage, which can liquidate positions instantly. Use minimal leverage (e.g., 1:2) and never risk more than you can afford to lose.
