Silver Retest Successful! Upward Targets in Sight!
Silver was a trade executed on the daily chart. I will cover the set up in just a sec.
I want to point your attention to this 4 hour chart. Price broke out of resistance, and then pulled back to retest it as support. Buyers stepped in heavily when futures opened.
Why is this zone important?
The Daily chart broke out of a trendline/wedges, and broke above our major resistance zone. On the 4 hour, the retest was successful. I personally entered a small position on the trend/wedge break, and then added my full position on the resistance break. First target is the 28 dollar zone.
Longer term, my followers know my take on Gold, Silver and cryptos. Been warning of a confidence crisis and currency crisis since way before Covid. Central banks are trying to weaken their currencies, which means the middle class loses. A move out of fiat is a way to protect one's purchasing power, and why one must be in these assets.
This is a trade set up, but in the long term, I believe Silver moves much higher.
I want to point your attention to this 4 hour chart. Price broke out of resistance, and then pulled back to retest it as support. Buyers stepped in heavily when futures opened.
Why is this zone important?
The Daily chart broke out of a trendline/wedges, and broke above our major resistance zone. On the 4 hour, the retest was successful. I personally entered a small position on the trend/wedge break, and then added my full position on the resistance break. First target is the 28 dollar zone.
Longer term, my followers know my take on Gold, Silver and cryptos. Been warning of a confidence crisis and currency crisis since way before Covid. Central banks are trying to weaken their currencies, which means the middle class loses. A move out of fiat is a way to protect one's purchasing power, and why one must be in these assets.
This is a trade set up, but in the long term, I believe Silver moves much higher.