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Thoughts on Silver's recent pop and next levels
Been watching $SI closely today with that massive move up to the 21.01 area. It's now consolidating around 20.73, which is quite a leap from the day's low. I'm wondering if this push has enough momentum to challenge the 21.50-21.70 zone that's been a tough ceiling recently. On the flip side, a retrace back below 20.50, especially if it doesn't find support there, would make me question the strength of this leg up pretty quickly. Just trying to figure out if this is a genuine breakout attempt or just another whipsaw within the broader range.
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That 21.50-21.70 zone has held firm for a reason. Until we see a convincing break and hold above it, this pop looks like just another retest within the range.