Be aware that the boundary lines of the formation provide only a rough estimate of potential resistance because price movements within the pattern can be irregular. Given the current rising upper boundary, silver could test that boundary near the falling trendline that has defined dynamic resistance during the decline of more than two months. The 50-day moving average near $64.32 can be used as a rough proxy for that trendline.

Weekly Breakout Above $62.04 Would Strengthen Reversal Case

The weekly chart offers another perspective on the potential for a reversal. Last week, a doji hammer candlestick pattern formed, with a bullish reversal signal requiring an upside breakout above $62.04. That would signal a bullish reversal on the larger weekly timeframe.