Silver: Bullish with Caution

In my last post on Silver I wrote that caution was required.

Now we are printing a bullish engulfing for the week - the week isn't over, but if this holds, it portends further upside.

The broadening formation over the last few weeks is bullish.

The weekly Stoch/RSI is in overbought territory, so perhaps some further grinding might be required to create some bullish divergence.

I have a low leverage long, with a stop below the weekly low. If you're flat, I recommend the same if you want to buy and you can find a good entry.

Holding the low of the week would keep Silver constructive. To really get bullish we would need to see trendlines broken to the upside. My strategy, with an intact long bias, will be to buy throwbacks off from those trendlines.