Chart Analysis:
Silver gave a breakout above its all time high and major psychological level of 50$. All the technicals are very strong in the short run.
Looking at the monthly chart it looks like C recovery and breakout above major resistance without the H formation making the C&H pattern incomplete.
13 trading days still left for the monthly close and for the breakout to become valid if closes above 50$.
What next? :
Curently looks like a clean breakout on charts. Wait for the monthly close above 50$ which will then make the breakout valid. If the breakout is valid we will wait for a retest near the zone for fresh longs. If it doesn't close the the C&H pattern can come into play. Expecting some cooldown in the prices in the coming weeks but closing is most imp. Wait and watch is current scenario.
Key Levels :
Major Support : 50$/46$ Clbs
Minor Support zones : 48.5-48.6$/47.5-47.6$
Long Run View :
Buy on dips is the best strategy to play out in Silver making entries on crucial levels. Expecting Silver to outperform Gold in the long run.
Disclaimer :
I am not SEBI registered. This analysis is for educational purposes only and not investment advice. Please do your own research before trading or investing.
Silver gave a breakout above its all time high and major psychological level of 50$. All the technicals are very strong in the short run.
Looking at the monthly chart it looks like C recovery and breakout above major resistance without the H formation making the C&H pattern incomplete.
13 trading days still left for the monthly close and for the breakout to become valid if closes above 50$.
What next? :
Curently looks like a clean breakout on charts. Wait for the monthly close above 50$ which will then make the breakout valid. If the breakout is valid we will wait for a retest near the zone for fresh longs. If it doesn't close the the C&H pattern can come into play. Expecting some cooldown in the prices in the coming weeks but closing is most imp. Wait and watch is current scenario.
Key Levels :
Major Support : 50$/46$ Clbs
Minor Support zones : 48.5-48.6$/47.5-47.6$
Long Run View :
Buy on dips is the best strategy to play out in Silver making entries on crucial levels. Expecting Silver to outperform Gold in the long run.
Disclaimer :
I am not SEBI registered. This analysis is for educational purposes only and not investment advice. Please do your own research before trading or investing.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.