Silver has reached an important resistance: the long term falling trend line! This line is coming from 2011.
A fight between bulls and bears is to be expected at this zone.
If the bears win the price will fall on to the lower limit of the trend channel (14.14$) - where we find also support from a swing trend line. Below that level the price finds another support on 13.91$ (fib retracement Zero and lower limit of the parallel trend channel).
RSI stays in bullish zone and is signalling strength; meanwhile MACD seems to give a new bearish sign.
It would be not too surprising if the bears make it this time.
But in longer term I expect the price to cross the resistance and to reach the circle.
The difference between investing now or investing at prices around 14$ isn´t very much. Some 8% to 12% or so.
This is no trading advice!!
A fight between bulls and bears is to be expected at this zone.
If the bears win the price will fall on to the lower limit of the trend channel (14.14$) - where we find also support from a swing trend line. Below that level the price finds another support on 13.91$ (fib retracement Zero and lower limit of the parallel trend channel).
RSI stays in bullish zone and is signalling strength; meanwhile MACD seems to give a new bearish sign.
It would be not too surprising if the bears make it this time.
But in longer term I expect the price to cross the resistance and to reach the circle.
The difference between investing now or investing at prices around 14$ isn´t very much. Some 8% to 12% or so.
This is no trading advice!!
Trade active
Note
My analysis (see above) is still alive. The figth between bulls and bears hasn´t ended yet. Before making new investments one should wait if the Silver price breaks through the resistance (upper limit of the wedge) or not.
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.
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.