Pattern: 1D Bullish Channel supported on Higher Lows.
Signal: Bullish once the price breaks the 1D MA50 and reverses. This is a standard sequence on every Silver uptrend (see the chart below). The ideal long term Buy Zone is within 16.625 - 17.365.
Target: Initial target 19.500. Extension much higher, updates will follow.
Here are the key factors to keep in mind today for Silver trades:
New Zealand Performance of Services Index: The New Zealand Performance of Services Index for August was reported at 54.6. Forex traders can compare this to the New Zealand Performance of Services Index for July which was reported at 54.8.
UK Rightmove House Prices: UK Rightmove House Prices for...
I'm playing silver in a bullish macro trend, so I'm still long. However we could see a significant pullback, shaking out weak hands and traders before a higher high. Short traders could be right depending on the degree of retracement.
However I'm not looking to short. I'm looking to long the pullback.
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero lines.
The oscillator Force Index is above the zero lines.
If the level of resistance is broken, you should follow the recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 17.800
• Take Profit Level: 18.150 (350 pips)
Pattern: 1D Channel Up.
Signal: Bullish as the price is on the way to the next Higher High on the 1W Resistance.
Target: 18.200 and 18.800 in extension for the next Higher High if the pattern (-2.50% Support) holds.
Thanks for viewing everyone.
This is typical TA, it might go up or it might go down (and I told you so in either case). But stick around anyway.
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