Silver: Thoughts and Analysis
Today's focus: Silver
Pattern – Breakout test.
Support – 21.90, 22.84
Resistance – 23,45 23.19
Hi, traders; thanks for tuning in for today's update. Today, we are looking at Silver on the daily chart.
Looking at Silver, we see that price continues to pull back after breaking out of a triangle-based squeeze pattern. This is fine after a breakout but we want to see 22.84 hold as support for buyers. If it does, we will look for a move to retest resistance, set up a range break, and possibly confirm a new up trend.
If sellers break 22.84 support, this could be a worry, and if other factors weigh in, like metals sector selling and or a firmer USD, this could lead to deeper tests to the downside.
Do you think buyers can hold and set up a new push higher?
Good trading.
Pattern – Breakout test.
Support – 21.90, 22.84
Resistance – 23,45 23.19
Hi, traders; thanks for tuning in for today's update. Today, we are looking at Silver on the daily chart.
Looking at Silver, we see that price continues to pull back after breaking out of a triangle-based squeeze pattern. This is fine after a breakout but we want to see 22.84 hold as support for buyers. If it does, we will look for a move to retest resistance, set up a range break, and possibly confirm a new up trend.
If sellers break 22.84 support, this could be a worry, and if other factors weigh in, like metals sector selling and or a firmer USD, this could lead to deeper tests to the downside.
Do you think buyers can hold and set up a new push higher?
Good trading.
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