Silver’s latest pullback has seen it move back towards long-running uptrend support, creating a decent entry level for longs with price momentum favouring buying dips over selling rips.
Longs could be established above the trendline with a stop beneath for protection, targeting minor resistance at $38.73 initially and, if broken, the July 23 swing high of $39.53. If the latter were to be achieved, price and momentum signals at the time should dictate whether to hold for a potential test of the psychologically important $40 level.
The price has already bounced off the uptrend on numerous occasions since being established, enhancing the appeal of the setup. While RSI (14) and MACD are not screaming buy when it comes to market momentum, they’re tilted bullish rather than bearish, favouring upside.
If silver were to break and close beneath the uptrend, the bullish bias would be invalidated.
Good luck!
DS
Longs could be established above the trendline with a stop beneath for protection, targeting minor resistance at $38.73 initially and, if broken, the July 23 swing high of $39.53. If the latter were to be achieved, price and momentum signals at the time should dictate whether to hold for a potential test of the psychologically important $40 level.
The price has already bounced off the uptrend on numerous occasions since being established, enhancing the appeal of the setup. While RSI (14) and MACD are not screaming buy when it comes to market momentum, they’re tilted bullish rather than bearish, favouring upside.
If silver were to break and close beneath the uptrend, the bullish bias would be invalidated.
Good luck!
DS
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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.
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.