SILVER is in a liquidity collection point. Ideally, it will pull back to the yellow or green previous resistance points for support, gather there, and continue the bullish push. This pullback symbol arises from the MACD lines crossing. However, if it breaks the red, the signal is bull. USD is under a massive sellout, and SILVER is a prime commodity.
After watching Transparent FX analysis on AUDCAD (linked below) and noticing the upside strength in all AUD pairs currently, I noticed this W pattern on the weekly timeframe. Expecting a push to the downside W neckline (green box) once it breaks back down below the daily resistance (red box).
Right now it's in a pullback, but watch as the day candle chart follows the pattern of bouncing above the displaced 20-day MA. Launch estimate is approximately 3 days.
