Silver is close to strong support levels of the last few months. Has not bottomed out entirely, which leads us to two possible conclusions:
1. Wedge is tightening for break-out.
2. An anticipatory consolidation before bottoming out and rushing north.
Stochastic is somewhat implying that price momentum has already turned bullish despite two bearish closes last two days. Price-action monday morning will determine what it's intentions are.
Risky move: take position based on action - if bullish, bullish; if bearish, bearish.
Safe move: await close above resistance or at support. A very high probability of profitable trade.
1. Wedge is tightening for break-out.
2. An anticipatory consolidation before bottoming out and rushing north.
Stochastic is somewhat implying that price momentum has already turned bullish despite two bearish closes last two days. Price-action monday morning will determine what it's intentions are.
Risky move: take position based on action - if bullish, bullish; if bearish, bearish.
Safe move: await close above resistance or at support. A very high probability of profitable trade.
Note
Let's see what happens tomorrow. If this settles at around 15.500 to jump up it could be a nice entry point.
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.
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.