Silver is following gold, needs to drop one more time to finish ABC pattern, there is a nice bullish symmetric triangle possible after or it just goes straight up, time will tell
Metals are following oil. Just keep stacking. It doesn't expire. It's safer to just buy the good dips on physical, and hope you never need to use it as a currency. Easter Weekend everyone. Markets will be closed tomorrow. Don't sell into the short term Silver dip.
pluckyApricot12858
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Silver seems to be following the purple line descending channel, a potential reversal from the $22.30 level perhaps and touching the top of the channel around $25.00 where your D spot is positioned seems a plausible nearterm target. Inflation data out this Wednesday will be interesting to see how yields/DXY respond
igord2
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@pluckyApricot12858, see my update, if the triangle is true, then we rally to $26.20 next; USA markets are ready for a bounce too, so this seems to be in sync. DXY should be topping here, but correction may be small/short.
pluckyApricot12858
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@igord2, Agree, we're in a very key support area currently and only a matter of time before the bulls come back into the picture, also looking like a bullish divergence on RSI 4H
pluckyApricot12858
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We've seen a strong move in silver, do you think A completed at $24.10 and perhaps completing B at $25.80?
@igord2, Very nice, thanks for sharing! I'm also cautious at the moment, I think we are still ultimately rangebound, upper 23s to $26, keeping my silver size small at the moment just in case
pluckyApricot12858
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I don't think it'll drop as much as the $22 level, too much inflation and geopolitical risk, however I like the position of your orange dash line at the $23.90 region as a potential retest, perhaps if Russia/Ukraine talks take a positive turn.
Easter Weekend everyone. Markets will be closed tomorrow. Don't sell into the short term Silver dip.