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
- Silver is in a throwback after reaching the 161.8% extension level at 34.10 (see in daily chart). The throwback is so far supported at 32.40. A break below that targets the 31.22 area to retest the previous high from 1/3/2011.
- A healthy bullish trend should NOT see the market break below 31.00 area, which is the resistance of the most recent consolidation zone.
- In the bullish scenario, if the 34.10 level is cleared, we are targeting 36.00, 200% extension.
- In the daily chart we see the 31.22 - 31.00 area as support. If the current decline breaks below 32.40, we are looking for support near 31.22. The next level of support is at 29.50 (61.8% retracement) seen the 4H chart.
Will Silver reach 36 in February? We would love to hear what you think.
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