Silver was in focus last week on talk of a short squeeze. The attempt fell flat, but the white metal’s technicals could be lining up for a rally regardless.
The first chart feature is the huge breakout above $20 in July. This was confirmed by retests on September 24 and November 30. Notice how prices rebounded sharply from both attempts. Interestingly, the bottoms around $22 were near the peak in July 2014, before silver collapsed decisively under $20 (where it would spend most of the next six years).
Next is the descending trendline that began after the 2020 spike. XAGUSD spent more than a month fighting against that resistance before turning it into support in late January.
Third, notice how prices held $26 last week. That was the peak on November 9 (vaccine rally day for stocks) and the weeks begun January 11 and 18. Again, old resistance became new support.
MACD is also rising on the daily chart and just turned higher on the weekly chart (see above).
Finally, the U.S. dollar has been holding its ground for the last two months. However, the greenback’s longer-term trend is still bearish. Continuation of that slide would also potentially help silver.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first chart feature is the huge breakout above $20 in July. This was confirmed by retests on September 24 and November 30. Notice how prices rebounded sharply from both attempts. Interestingly, the bottoms around $22 were near the peak in July 2014, before silver collapsed decisively under $20 (where it would spend most of the next six years).
Next is the descending trendline that began after the 2020 spike. XAGUSD spent more than a month fighting against that resistance before turning it into support in late January.
Third, notice how prices held $26 last week. That was the peak on November 9 (vaccine rally day for stocks) and the weeks begun January 11 and 18. Again, old resistance became new support.
MACD is also rising on the daily chart and just turned higher on the weekly chart (see above).
Finally, the U.S. dollar has been holding its ground for the last two months. However, the greenback’s longer-term trend is still bearish. Continuation of that slide would also potentially help silver.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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