Silver in a Bullish Zone
As indicated in our previous Silver chart book, past week has been one of sideways trading. Silver bounced from the mean (thin blue line) and closed strong at the end of the week.
Silver prices resided in a Bullish Zone ideal for partial profit taking for longer time frame players with previous entries.
Profit taking target zone holds steady over last weeks time range:
For short term swing players a quick play to the upside is possible. We do not suggest a triangle breakout play but rather a entry zone of $15.71.
Gold, showing relative strength in the precious metal sector, provides for the more attractive play for these lower time frames. Overall this is a Bullish Zone to rather take profits than expose oneself to the market, as indicated in the two previous chart book releases.
Our conservative stance is supported by possible low volume fake breakouts. Also, this coming Monday, 18th of February, there is a Federal Holiday coming up in the US (Presidents Day and Washington’s Birthday). On top, weekly charts indicate, that prices have advanced generously for more than 13 percent in a relative short period of time (= exhaustion).
That being said, on larger time frames we still have an upward bias with good support from lower time frames and as such have a likelihood for price levels advancing over the longer perspective.
Short time frame support:
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