Silver Safe Haven = US Election Uncertainty + New USTech Demand
The central theme this week has seen a stronger USD, observing the DXY it has had a strong bullish breakout. Although strength on the USD is robust and it seems to have gained off of a sentimental safe haven boost. The US stock indices have had a strong sell off today. US President Donald J. Trump mentioned the outcome of the election will end up in supreme court. This uncertainty may spark a higher demand for safe haven in commodities such as silver given the new US Technology that is due for release by the end of the year by apple, tesla and several big Nasdaq companies to start.
As we start from the top down analysis, the Monthly timeframe shows a strong bearish candle from a recent sell off, starting to wick out indicating strong bullish pressure. Weekly timeframe is respecting support trendline. Daily timeframe showing strong psychological support from 22, attractive bank number. H4 shows resistance break out.
The rest depends on uncertainty in the US, and demand for new us technology that may help spark the bullish trend in this commodity.
As we start from the top down analysis, the Monthly timeframe shows a strong bearish candle from a recent sell off, starting to wick out indicating strong bullish pressure. Weekly timeframe is respecting support trendline. Daily timeframe showing strong psychological support from 22, attractive bank number. H4 shows resistance break out.
The rest depends on uncertainty in the US, and demand for new us technology that may help spark the bullish trend in this commodity.