Silver can run up to the 2016's highs

Silver is preparing for a breakout to make a bigger move in its long channel supported by 200 SMA. The course is coming from a strong consolidation zone between 17 and 18 dollars/unc. There are several resistences above, but looking at the strong fundamental and technical picture, these levels can be conquered sooner than later. Also seasonality supports the long trend from the beginning of July to the end of August. In July, Silver is usually overperforming Gold and also keep in mind that Silver is still strongly lagged behind Gold. So Silver is cheap. If the breakout fails, buying the dip in the consolitation zone can be great to get in. A possible 2nd Elliott-cycle is also in view. Be avare of bigger pullbacks to buy and better to avoid short selling this asset. Stop is below the resistance area, TP is at the channel top and at the 2016's highs. R/R: 2,4:1.

Comment:

Correction: Stop is below the support area

Comment:

SL at breakeven, price action is followed with SL at relative values

Trade closed: target reached