Some interesting historical data on the price of Silver back from 2002- 2003 similar to what we 've seen happening for the last couple of weeks.
Blue line 50 MA
Yellow line 100 MA
Red line 200 MA
time frame weekly
Green circle 50 MA 100 MA golden cross on the weekly ,
Yellow circle 50 MA 200 MA golden cross on the weekly ,
Similarities with today's price action are that :
1 Back then the price got rejected multiple times from the same resistance line before breaking to the upside , as we've seen happening to the price last week .
2 After the 50 MA 200 MA golden cross occurred price gave two weekly bearish candle sticks before going to the upside .
we are currently going through a golden cross between 50 MA and 200 MA on the weekly time frame,
We did create a pretty attractive bullish hammer candle on the 4 hour , but I would stay away for now and wait for further confirmation as this correction might have more to give especially after a weekly engulfing candle. Once the golden cross has confirmed that would be a good time to place a long.
Blue line 50 MA
Yellow line 100 MA
Red line 200 MA
time frame weekly
Green circle 50 MA 100 MA golden cross on the weekly ,
Yellow circle 50 MA 200 MA golden cross on the weekly ,
Similarities with today's price action are that :
1 Back then the price got rejected multiple times from the same resistance line before breaking to the upside , as we've seen happening to the price last week .
2 After the 50 MA 200 MA golden cross occurred price gave two weekly bearish candle sticks before going to the upside .
we are currently going through a golden cross between 50 MA and 200 MA on the weekly time frame,
We did create a pretty attractive bullish hammer candle on the 4 hour , but I would stay away for now and wait for further confirmation as this correction might have more to give especially after a weekly engulfing candle. Once the golden cross has confirmed that would be a good time to place a long.