Silver looks great on the charts, closing above $33 for the first time since late October. Previously, this was like a graveyard for bullish raids, putting increased emphasis on the price action over the next few days.
Whether you’re talking price or momentum signals, they suggest this break may stick where others failed, putting a potential retest of the October 2024 swing high of $34.87 into play. We saw a key bullish reversal candle on Tuesday, followed up by further buying on Wednesday, contributing to the bullish break. That’s not surprising given price signals have often proved accurate in silver recently. RSI (14) is trending higher, with MACD confirming the bullish momentum signal.
The ducks are lining up. If silver can’t capitalise in this environment, it will be a telling sign as to where medium-term directional risks may lie.
Those considering bullish setups could buy above $33 with a stop beneath the level for protection. Some resistance may be encountered around $34 and $34.50, with a break above the latter putting $34.87 on the table. $35.36 and $37.46 are long-standing levels located just above.
If silver were to reverse and close through $33, the near-term bullish bias would be invalidated.
Good luck!
DS
Whether you’re talking price or momentum signals, they suggest this break may stick where others failed, putting a potential retest of the October 2024 swing high of $34.87 into play. We saw a key bullish reversal candle on Tuesday, followed up by further buying on Wednesday, contributing to the bullish break. That’s not surprising given price signals have often proved accurate in silver recently. RSI (14) is trending higher, with MACD confirming the bullish momentum signal.
The ducks are lining up. If silver can’t capitalise in this environment, it will be a telling sign as to where medium-term directional risks may lie.
Those considering bullish setups could buy above $33 with a stop beneath the level for protection. Some resistance may be encountered around $34 and $34.50, with a break above the latter putting $34.87 on the table. $35.36 and $37.46 are long-standing levels located just above.
If silver were to reverse and close through $33, the near-term bullish bias would be invalidated.
Good luck!
DS
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.