Bry777

Silver Monthly Candle Forms a Pinbar (Hammer)

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August's silver monthly candle completed as a pinbar. This "hammer" gets triggered as a buy signal only if the price moves ABOVE the top of the pinbar by a few cents, or around 25.50 for the December contract. Some traders may buy early by going to the lower time frames of daily or 4 hours and looking for a buy entry midpoint between the close and the bottom which would be around 23.60. (Still, the trade is only considered a buy if the price hits around 25.50!)

Please see my previous idea about what I think is an inverted head and shoulders on the silver weekly chart. A weekly close above around $26 could send silver to $34 or higher.

Sometimes silver does lead gold, so if this trade is triggered expect gold to head higher also even if it is lagging at the time.

Komen:
Usually a hammer is most effective at a potential bottoming area but I think it still applies to this ranging area on the monthly chart.
Komen:
The 25.50 trigger price was never hit but silver now is in a potential bottoming area as explained in a more recent trade idea for silver.
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