Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- After losing some momentum mid-week, silver has resumed the uptrend without cracking our noted support.
- The 1H chart shows this momentum now being overbought, and there is a bearish divergence.
- A correction can bring this pair back to the 30.80 level, and the market is still in a healthy bullish trend.
- The daily chart shows extension retracement levels. The 150% extension is at 33.55. This would be confirmed if the current decline fails to break the previous consolidation zone, preferably staying above 38.80.
Will Silver continue in the manner it did in 2010 with a persistent rally? We would love to hear what you think.