Silver has shown strong growth and is now trading at the key support/resistance level of $33 per ounce. Currently, the price is consolidating—so where will it go next?
I shorted yesterday, but the price action was very strong, with even the smallest pullbacks quickly bought up.
I now believe the short scenario is off the table, and we may see another wave of rapid growth.
However, to enter a long position, I need confirmation—a breakout above yesterday’s high at $33.25.
📝Trading plan:
Open a long position upon a breakout above 33.25.
I shorted yesterday, but the price action was very strong, with even the smallest pullbacks quickly bought up.
I now believe the short scenario is off the table, and we may see another wave of rapid growth.
However, to enter a long position, I need confirmation—a breakout above yesterday’s high at $33.25.
📝Trading plan:
Open a long position upon a breakout above 33.25.
Note
On the hourly chart, the price has been bought up from the 50 SMA level — that’s a good sign.The chances of continued growth are increasing.
But we need to wait for the U.S. trading session to open — that’s when things will get more dynamic and the direction should become clearer.
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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.