Lately, I’ve been a strong advocate for a Silver rally toward $40, and indeed, we got a solid move, with price reaching as high as $39.50, not touching 40 though...
Just like with Gold, the last 3 days of last week turned bearish, and now it looks like we may be entering the early stage of a correction.
📉 Current Setup:
- The rejection from $39.50, right below the psychological $40 level, is significant
- I’ll be monitoring for a possible short entry if we get a rebound into the $38.80–$39.00 zone
- A new high above $39.50 would invalidate this setup
📌 On the downside, if price breaks below the confluence support at $37.70–$38.00, that would confirm the reversal and could lead to an acceleration toward $35.50 support
Conclusion:
The bullish narrative on Silver is pausing here. Until a new high is made, I’m looking to sell the bounce and follow the momentum if the breakdown under support is confirmed.
Let’s see how this plays out this week. 🧭
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Just like with Gold, the last 3 days of last week turned bearish, and now it looks like we may be entering the early stage of a correction.
📉 Current Setup:
- The rejection from $39.50, right below the psychological $40 level, is significant
- I’ll be monitoring for a possible short entry if we get a rebound into the $38.80–$39.00 zone
- A new high above $39.50 would invalidate this setup
📌 On the downside, if price breaks below the confluence support at $37.70–$38.00, that would confirm the reversal and could lead to an acceleration toward $35.50 support
Conclusion:
The bullish narrative on Silver is pausing here. Until a new high is made, I’m looking to sell the bounce and follow the momentum if the breakdown under support is confirmed.
Let’s see how this plays out this week. 🧭
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
Silver is pressing down for a break
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.