Silver Bounces of off Major Support and Breaks Trendline!
Gold and Silver with major action after CPI data yesterday. Both reacted as inflation hedges as the US Dollar fell. Silver is of more interest for me due to the market structure.
Zooming out to the weekly so you can see how important the 22 zone was. A major support zone.
Then, we waited for Silver to bottom and create a pattern. The breakout was triggered with yesterday's daily close. And now even more confluence with the trendline break. Adding more to my position. The downtrend is over, and we are now expecting a new uptrend with higher lows and higher highs.
Placing my stops below the daily breakout candle below 22.40. Long term resistance comes in at 28. But we have some interim approaching at 26.
Zooming out to the weekly so you can see how important the 22 zone was. A major support zone.
Then, we waited for Silver to bottom and create a pattern. The breakout was triggered with yesterday's daily close. And now even more confluence with the trendline break. Adding more to my position. The downtrend is over, and we are now expecting a new uptrend with higher lows and higher highs.
Placing my stops below the daily breakout candle below 22.40. Long term resistance comes in at 28. But we have some interim approaching at 26.