Dont worry about candlesticks and hammers I have a much easier way of predicting - I know whenever I buy a substantial amount the price goes down - so it should go down now! :/
Looks like it's headed straight to the top of the pennant. Next resistance levels : R1 = $34.50 (top border of pennant) , R2 = $35.40 (Fib-50 retracements) If we pass these two strong resistance levels, we can look forward to meeting the 200 and 50 EMAs at >$36 Meanwhile, last strong resistance of $31.10 should now be our first support. Good luck and stay strong!
haha.. could it be that it was previously a significant level where many bought silver? However, judging from the chart, it looks like the path of least resistance right now is to head straight to the top of the pennant, so getting past $33.80 should be no problems.. in fact I think it's already past it!
We're facing three more nights of straight gains now (including tonight), with each day's candle very slightly diminishing as the price gently curls over into a soft top at around the $36 mark or so. Might even get to $37. (The formation coming looks like 'half' of an upsidedown "U", if you can visualize that) (Each day's candle will have only small upper and lower shadows until we top out on this move.)
What is more remarkable is that the AUD silver price hasn't been swinging that much since the last big drop. It traded between the AUD $30-$33 range.
lol... yup, remarkable indeed. It's the strength of the Aussie Dollar. To break through that range, we would need RBA to make a decision to cut the cash rate next week
Agreed. Given the current strength of AUD, the uptrend of silver, and the expected weakening of AUD due to RBA rate cut - it's perfect time to load up.
