A quick one on silver, I got long on Friday as a disclosure, the 4hr chart is converging and diverging and this opposing force will cause a squeeze that will launch Silver into an explosive momentum to test its highs soon, perhaps $40.
No less than 9 different divergences at Fridays candle here. (It was messy with the div. indicator. )
Further confluence on the 4hr is the recent cross of the 10ema up and through the 200ema. To be be fair the 10 dipped on about 28 Feb but to make the cross recently back over the 200 is a big play.
President Trump is of course very pro-cryptocurrency and popular wisdom says the next leg up in that space is the meeting for 'strategic reserve' which I understand is only a fortnight away.
I think Gold and Silver will take off around that time, if not sooner. A bullish week coming up for the Gold price as well and it revolves around the same opening headline above.
Have a happy and profitable week.
Trade active
Buy the Silver price with a Stop-loss under the 200ema on 4hr chart above. Or I think tighter SL just under 50ema or perhaps drop to an hourly, 30m or 15m chart and place SL under a swing low. A tighter stop will give you more position size, what I suggest is to scale out a little by selling partials as profit we hope, this helps to also manage risk by taking a bit off the table, but keep at least 50% because I am expecting Silver to take $40 within the next 3 weeks.
There are many analysts who believe Silver will outperform Gold in the days, weeks and months ahead.
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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.