Silver has finally broken out of consolidation and it's showing strength just like other metals, such as gold. On this Idea I'm updating our previous idea and I'm also upgrading the previous long idea which has now touched our Take profit and could be achieved as a successful trade.
To complete the structure we need a pullback to lower prices, most likely to the nearest fibo retracement or the trend line itself. I don't recommend going on a long or short unless there's a clear signal of rejection. The metal seems to be trading on the daily chart, so I highly recommend observing the daily chart for sell signal, such as bearish engulfments, bearish pin bars or broken triangles on the lower time frames, such as the 1h and 4h.
Silver seems to be a great long term buy opportunity due to the fact that the world is submerged in geo-political uncertainty and the ones that benefits the most from these are the metals, crypto currencies and others.
Compared to it's counterpart the gold standard a.k.a the shinny metal, silver is cheaper and in my personal opinion more stable to trade. You'll rarely see market manipulation on Silver compared to how manipulated gold is in all aspects. They both work tightly together, but gold seems more vulnerable to SL hunting and fake movements from retail traders and bankers. And just like gold, Silver has liquidity as well.
To complete the structure we need a pullback to lower prices, most likely to the nearest fibo retracement or the trend line itself. I don't recommend going on a long or short unless there's a clear signal of rejection. The metal seems to be trading on the daily chart, so I highly recommend observing the daily chart for sell signal, such as bearish engulfments, bearish pin bars or broken triangles on the lower time frames, such as the 1h and 4h.
Silver seems to be a great long term buy opportunity due to the fact that the world is submerged in geo-political uncertainty and the ones that benefits the most from these are the metals, crypto currencies and others.
Compared to it's counterpart the gold standard a.k.a the shinny metal, silver is cheaper and in my personal opinion more stable to trade. You'll rarely see market manipulation on Silver compared to how manipulated gold is in all aspects. They both work tightly together, but gold seems more vulnerable to SL hunting and fake movements from retail traders and bankers. And just like gold, Silver has liquidity as well.