Silver broke above a resistance trend line on April 3rd. It held above today and is heading to the next line of resistance at 18.50. If a solid break above that occurs, there might be very long-term upsides in XAG/USD. Expect volatility as it nears this resistance line. RSI(65.8) nears overbought levels, and CCI(109.1) looks like it will cross back under 100...
Looks like there is strong support at 17.18 for now. Trend lines show smaller upsides for Silver. Wait for a cross of the EMA to give a more clear direction
Possible buy zone in the green box. Bottom trend line connects both rate hike dates in the last two years. Short for now. Go long once EMA closes below price.
The similarity to December is amazing. The Friday before the FED meeting in December Silver went up and closed at the same level as this Friday. Watch for the trend to continue. Blue lines signify a buying opportunity between 15.90 and 15.65.
We are at the exact same price for silver as we were a week before the rate rise in December. History may repeat itself here. Look for support at 16-15.65. All eyes will be on Donald Trump and the French elections after the rate announcement so Silver/USD should get a push to the upside from April into the summer. There is still seasonal strength too!
