Hello precious metals friends, hope you're doing well! ;)
Silver just had a nice rally of around 7% breaking from the Bull Flag at 15.25 up to 16.6 with the wicks:
On the monthly chart we can perfectly see the Double Bottom and 'Pullback High' of this zone: It was the previous break out of the Descending Triangle with a beautiful lon-linear trendline, that saw a break to the downside. A consolidation here on the smaller timeframes would be very healthy & normal.
=> Once that zone is broken at around $17.3, Silver could make its way to $20 again. Of course afterwards, heavy resistance will be awaiting from $21-23.5
The weekly chart also nicely shows the previous price action:
Don't forget: Any further upmove will also highly depend on big brother Gold. If you haven't seen it so far, please read my major Gold analysis 'This is where the story begins' that I will attach to this idea.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Silver just had a nice rally of around 7% breaking from the Bull Flag at 15.25 up to 16.6 with the wicks:
On the monthly chart we can perfectly see the Double Bottom and 'Pullback High' of this zone: It was the previous break out of the Descending Triangle with a beautiful lon-linear trendline, that saw a break to the downside. A consolidation here on the smaller timeframes would be very healthy & normal.
=> Once that zone is broken at around $17.3, Silver could make its way to $20 again. Of course afterwards, heavy resistance will be awaiting from $21-23.5
The weekly chart also nicely shows the previous price action:
Don't forget: Any further upmove will also highly depend on big brother Gold. If you haven't seen it so far, please read my major Gold analysis 'This is where the story begins' that I will attach to this idea.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
