jpbrown1023

SILVER - Possible Buy Opportunity in Ascending Channel

Long
TVC:SILVER   CFDs on Silver (US$ / OZ)
Consider this buy opportunity in Silver. Many are surprised that Silver hasn't followed Gold, which finally broke its 6 year long resistance trend. I think that Silver buyers wanted to confirm that the breakout was real. I think now that they have confirmation, Silver buyers may make a push of their own and breakout beyond Silver's 6 year resistance trend (purple). The price action has been moving within an ascending channel and is currently on support. The 4-hour MACD is also curving along the zero line. I think this is a good area to scoop up some Silver before a possible strong move upward and keep a tight outside the channel just to be safe.
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