Chart Analysis:
Silver gave a breakout above its all time high and major psychological level of 50$. All the technicals are very strong in the short run.
Looking at the monthly chart it looks like C recovery and breakout above major resistance without the H formation making the C&H pattern incomplete.
13 trading days still left for the monthly close and for the breakout to become valid if closes above 50$.
What next? :
Curently looks like a clean breakout on charts. Wait for the monthly close above 50$ which will then make the breakout valid. If the breakout is valid we will wait for a retest near the zone for fresh longs. If it doesn't close the the C&H pattern can come into play. Expecting some cooldown in the prices in the coming weeks but closing is most imp. Wait and watch is current scenario.
Key Levels :
Major Support : 50$/46$ Clbs
Minor Support zones : 48.5-48.6$/47.5-47.6$
Long Run View :
Buy on dips is the best strategy to play out in Silver making entries on crucial levels. Expecting Silver to outperform Gold in the long run.
Disclaimer :
I am not SEBI registered. This analysis is for educational purposes only and not investment advice. Please do your own research before trading or investing.
Silver gave a breakout above its all time high and major psychological level of 50$. All the technicals are very strong in the short run.
Looking at the monthly chart it looks like C recovery and breakout above major resistance without the H formation making the C&H pattern incomplete.
13 trading days still left for the monthly close and for the breakout to become valid if closes above 50$.
What next? :
Curently looks like a clean breakout on charts. Wait for the monthly close above 50$ which will then make the breakout valid. If the breakout is valid we will wait for a retest near the zone for fresh longs. If it doesn't close the the C&H pattern can come into play. Expecting some cooldown in the prices in the coming weeks but closing is most imp. Wait and watch is current scenario.
Key Levels :
Major Support : 50$/46$ Clbs
Minor Support zones : 48.5-48.6$/47.5-47.6$
Long Run View :
Buy on dips is the best strategy to play out in Silver making entries on crucial levels. Expecting Silver to outperform Gold in the long run.
Disclaimer :
I am not SEBI registered. This analysis is for educational purposes only and not investment advice. Please do your own research before trading or investing.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.