There's been some divergence in the miners for the first time since silver broke down from 28 as we're trading at the 618 range low - high.
Notice the demand and supply at this level since Q4 last year - a lot going on here.
Zooming in on the 4hr:
For short term traders this is a decent long spot. The 200dma is 26 - so it would need to reclaim that for a more significant move higher.
Notice the demand and supply at this level since Q4 last year - a lot going on here.
Zooming in on the 4hr:
For short term traders this is a decent long spot. The 200dma is 26 - so it would need to reclaim that for a more significant move higher.
Nota
strong bounce today which signals respect of the level indicated. Can risk yesterday's low for longsNota
A problem I have with silver is it broke trend in July based on my trend following criteria (weekly trend bars are now red and price is respecting the 9/21wma. So while it's still range bound and respected the 618 level, it's remains in the penalty box.Nota
the short term trend change ended up being a great short signal (which I didn't take and remain flat/no position). The monthly and quarterly retested major moving averages in the Asian hour flush. On watch for a short term (daily) trend reversal. Last night's lows need to hold - if not we could see 19-18 in silver which would be big buy the dip area.Quarterly 21ma tag
Perfect Monthly 9ema tag
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.