SILVER TECHNICAL SETUP - LONG
With substantial weakness in the dollar, precious metals and the USD currency index have a strong inverse correlation.
Silver has broken out from a bullish falling wedge pattern, which it has back tested and then broken out of the back test. We can also see bullish divergence for the MACd technical indicator on the 8H for Silver spot too.
The attached chart shows a bullish wedge patter having being broken out of, we will look for a close above the purple line to confirm a breakout and enter a long position.
Keep in mind the whipsaw effect we always see due to earnings, exercise caution.
Silver has broken out from a bullish falling wedge pattern, which it has back tested and then broken out of the back test. We can also see bullish divergence for the MACd technical indicator on the 8H for Silver spot too.
The attached chart shows a bullish wedge patter having being broken out of, we will look for a close above the purple line to confirm a breakout and enter a long position.
Keep in mind the whipsaw effect we always see due to earnings, exercise caution.
Related publications
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.