Idea đź’ˇ for Silver
Silver technical analysis:
Regular readers will know that I have been awaiting for gold prices to pop higher over the past week. Whilst there's no cigar, the bias remains bullish until bearish momentum returns to the daily timeframe. However, silver may have the more compelling setup.
Silver prices formed a strong rally in March through the first half of April, before a 3-wave retracement found at the May high near the $26 handle. Momentum has pushed higher ahead of a small consolidation, with prices now holding above $27. Given this consolidation has formed around the VPOC from the 3-wave decline, it appears comfortable in its current consolidation. But if prices can break above last week's high ~27.50 then I suspect bulls will want to gun for the $28 handle at a minimum, or the high-volume node around $28.25.
Regular readers will know that I have been awaiting for gold prices to pop higher over the past week. Whilst there's no cigar, the bias remains bullish until bearish momentum returns to the daily timeframe. However, silver may have the more compelling setup.
Silver prices formed a strong rally in March through the first half of April, before a 3-wave retracement found at the May high near the $26 handle. Momentum has pushed higher ahead of a small consolidation, with prices now holding above $27. Given this consolidation has formed around the VPOC from the 3-wave decline, it appears comfortable in its current consolidation. But if prices can break above last week's high ~27.50 then I suspect bulls will want to gun for the $28 handle at a minimum, or the high-volume node around $28.25.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.