I am waiting to see when Silver crosses this block and comes back into it for support to shoot off to new highs. This is going to take a few months to Pan out but interesting to see how this will work out.
The block needs a 3 month body close above it then we can return back into the block for a real long term entry/investment to new highs
Silver is lagging gold and will need to rise 110% to complete the multi year cup. Once completed a backtest to significant support at $34 can be expected before a huge rise and resumption of the 2001 bull market.
silver and the metals look bullish on daily and weekly chart, so as traders its our job to find an entry, i believe the current consolidation is perfect entry point to target higher highs, as dxy and economic state worsens. give me a like it really does help get me noticed! and be able to post more big winners ! much respect
Will be looking to long silver (which seems to lag gold a bit) on a pull back to the 20 on a buy limit entry, there is plenty of room to both the up and down side but with the news release today can see money flowing out of the USD over the next week or 2
Make your own decision I choose to scalp it personally when it starts to retrace, or you can just place the trade and swing it. I believe that the continuous inflation on the US dollar is steadily going to drive gold and silver up. However, the recent retracement will likely vanish soon when another round of economic stimulus funding comes. Hope the trade goes well :-).
A sustained consolidation in this level and a break on either side can give a big move. As it is forming Higher Highs and Higher Lows Trend is still towards the Upside. But if a break of the highlighted Zone on the downside we can see a short term Down trend till 23.441
Here is my idea on silver .
We have a great opportunity for a C leg.
Make sure you have strict stop losses, mine are: SL: 28.5
Here is take profit targets:
TP 2: 24
TP 3: 23
It’s a high probability trade, so I’m taking profits right at the end $23.