Silver holding 50D MA, Squeezing the pennant
I exited my position a few weeks ago (mentioned in previous chart) as the silver market was looking weak. The head and shoulders pattern broke down and now we're resting below $18.
At this point I'm watching to see if we hold 50D MA and waiting to break the top resistance line of the pennant. If we do that I will re-enter USLV, until them I'm watching the metals market and looking to see when Rhodium and Palladium fall from their parabolic rallies. Curious to see if that runs inversely to silver prices or if it pulls the entire metals market down with them as well.
Good luck!
At this point I'm watching to see if we hold 50D MA and waiting to break the top resistance line of the pennant. If we do that I will re-enter USLV, until them I'm watching the metals market and looking to see when Rhodium and Palladium fall from their parabolic rallies. Curious to see if that runs inversely to silver prices or if it pulls the entire metals market down with them as well.
Good luck!
Trade closed: target reached:
Broke below 50 day MA. Not good. Let's see if we hold trend-line support. I'm still out. Looking bearish.
Comment:
Coronavirus impact on businesses is hitting the markets. Metals and crypto are up. I believe this trend will only get worse. Especially after Q1 earnings come out. Silver broke resistance, lets see if we can get a candle close above it. Looking better for silver and gold now. Be careful though, panic spikes come down fast if good news comes out soon after.
