Silver buy!
Updated
The price of Silver ($) touched the lower limit of the trend channel and rebounded!
This is a good sign, because it shows that the trend channel is strong and active.
Now the silver-price can climb up to 16.59$ before reaching the upper limit of the trend channel and also the resistance line, formed by a fib retracement 38,2%. Some gains to make in short time.
BUT, the trend is still negative, as long as the channel hasn´t been broken to the top. And even if, there are two following resistance-lines:
1) swing trend line at 17,2$ - a strong resistance where silver rebounded twice in the last weeks
2) the falling trend line (dotted) - a resistance that hasn´t been broken since november 2016
This is a good sign, because it shows that the trend channel is strong and active.
Now the silver-price can climb up to 16.59$ before reaching the upper limit of the trend channel and also the resistance line, formed by a fib retracement 38,2%. Some gains to make in short time.
BUT, the trend is still negative, as long as the channel hasn´t been broken to the top. And even if, there are two following resistance-lines:
1) swing trend line at 17,2$ - a strong resistance where silver rebounded twice in the last weeks
2) the falling trend line (dotted) - a resistance that hasn´t been broken since november 2016
Trade active
Note
After my last analysis silver has left the channel for one day. And the counteraction hasn´t been very strong - so for one moment I thought silver could break the trend to the bottom and causing new lows.Fortunately it returned into the channel and is now clearly on the way up.
RSI and MACD are confirming this move.
The upper limit and the fib retracement at 16.59$ are the next aims.
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