Silver coiling up for next leg up?

2020年8月20日

Silver has been forming a very defined symmetrical triangle in the last week or so. There also seems to be a hidden bullish divergence on the chart with price action forming higher lows yet RSI prints lower lows. This tends to be a signal of a continuation of the overall trend (which is towards the upside in my opinion. Also, as indicated by the broken line on the RSI silver is has just now found a bounce on the historical point of control. See beck over the last month where silver bounces off the line multiple times. MACD also seems about to cross bullishly. Symmetrical triangles also tend to break upwards most of the times.

Final verdict: Silver seems perfectly positioned to break out bullishly from this triangle in the short term towards the upper breakout target.