Silver, like many other assets, is stabilizing after last week’s sharp decline.
On the weekly chart, the uptrend has been broken. It appears that the big money and major players have capitulated from this market. Also, cycle analysis suggests that the metal will remain under pressure through the end of April. Overall, silver is clearly struggling to maintain its bullish momentum.
I expect further downside, with potential targets at $27.90 and $26.50 as final levels for this correction.
For now, I will continue to trade from the short side.
If price moves above $30.80 and consolidates there, we could start talking about long positions. But at this point, there’s no objective reason to do so.
On the weekly chart, the uptrend has been broken. It appears that the big money and major players have capitulated from this market. Also, cycle analysis suggests that the metal will remain under pressure through the end of April. Overall, silver is clearly struggling to maintain its bullish momentum.
I expect further downside, with potential targets at $27.90 and $26.50 as final levels for this correction.
For now, I will continue to trade from the short side.
If price moves above $30.80 and consolidates there, we could start talking about long positions. But at this point, there’s no objective reason to do so.
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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.