Silver has long been a favorite of mine to trade. In the past few months, it has taken a nice breather creating what looks to be a consolidation pattern before an eventual move up. Gold seems to have created a double bottom this past week and I believe Silver is in the process of making a reversal from its recent slide down. f you zoom in on the daily chart, you will see a nice falling wedge reversal pattern forming. In the long run, I still expect Silver to push towards $100, but in the short term, $35 is our next target resistance level.
Comment:
Congrats to those who got in on the 21EMA support test! Silver looks good, we might see a test of $35 in the near future. First, I would like to see a weekly close above $29 as a start.
