Silver, Monthly Chart: Neutral
After a swift move through the long term established side ways range on the monthly chart, prices trading sideways to take a breather. Near the US$16.50 price zone a triple moving average support zone starts to build, providing support for long term investor entries. On this chart the setting for the simple moving averages are 20, 40 and 200 period. Hence, from this time frame perspective we a find a neutral stand of the silver market and its price development.
Weekly Chart, Silver: Bullish
Looking at the weekly chart we can identify a weekly range within the monthly range. While the monthly chart ranges from roughly US$13.75 to US$18.50, a sub range in the weekly chart can be found from US$16.50 to US$18.50. This isn’t the only bullish signal though. At a closer look we again find a triple moving average support in the building process and a bullish reversal pattern setting up from a candle stick perspective.
Silver, Make It Your Own, Daily Chart: Bullish
A daily view at the market shows the directional price support. This time frame gives a clear signal of bullish momentum as discussed in our free Telegram channel. A fractal support zone near the US$17.00 price level in conjunction of a strong rejection of price from the lower channel support on 6/15/2020, tell the story of the bulls holding the better cards.
Make it your own
It is futile to try finding the holy grail. Not only does it not exist but even if there would be such a cup, one couldn’t drink from it. Each market participant needs to find out whats suits his or her personality. There isn’t a fix recipe or common secret that can be shared and success in the markets sets in motion. We try to share in each weekly chartbook publication a principle. One piece to the puzzle. As a reader you have the opportunity to add these morsels of trading edges to your own approach. Create your own puzzle to build the perfect picture that suits your trading style. We full-hearted believe in “Make it your own.”
We post real time entries and exits for the silver market in our free Telegram channel.
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