Over the past month, Silver has experienced an impressive 13% surge, marking a strong bullish trend. Despite notable volatility and multiple pullbacks, the overall momentum remains firmly to the upside. This strength is further validated by the Golden Cross, a historically reliable buy signal that reinforces the long-term uptrend.
However, since Friday, Silver has entered a corrective phase. Currently, the 4-hour chart displays a significant bearish candle, suggesting strong selling pressure. Given this setup, it is possible that the decline could extend into today and tomorrow, as investors might be reallocating capital from Silver to Stocks in response to shifting market conditions.
Despite the ongoing correction, we remain aligned with the broader uptrend and are looking for an optimal entry point to maximize risk-to-reward. Instead of jumping in prematurely, we prefer to enter a long trade near the $31.20 level. This area is particularly significant as it aligns with the critical 38% Fibonacci retracement, a level that could act as strong technical support before the next bullish leg resumes.
However, since Friday, Silver has entered a corrective phase. Currently, the 4-hour chart displays a significant bearish candle, suggesting strong selling pressure. Given this setup, it is possible that the decline could extend into today and tomorrow, as investors might be reallocating capital from Silver to Stocks in response to shifting market conditions.
Despite the ongoing correction, we remain aligned with the broader uptrend and are looking for an optimal entry point to maximize risk-to-reward. Instead of jumping in prematurely, we prefer to enter a long trade near the $31.20 level. This area is particularly significant as it aligns with the critical 38% Fibonacci retracement, a level that could act as strong technical support before the next bullish leg resumes.
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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.