The recent move with Gold has me back looking at Silver and, whilst it hasn’t done too much just yet, there has been a break of a monthly/weekly bear trend line and there is some bullish momentum evident on the daily chart. Price action remains below the $16 S/R level and the weekly 200 EMA so, IMHO, I think it’s worth watching for any new close above these levels to, potentially, underpin further bullish follow-through. In this post I revise the charts for Silver and two Silver ETFs; SILJ and SLV.
Silver monthly: price action is trying to print a bullish monthly candle so watch to see how this closes at the end of next week. Note the uptick with bullish momentum (green +DMI). Watch for any ADX move back above 20.
Silver weekly: price action looks to be trying to break above this bear trend line. Momentum is still declining and converging on the weekly chart though so watch for any momentum breakout to support this potential bullish breakout:
Silver weekly (expanded): this expanded view shows the bullish weekly candle close above the bear trend line more clearly so watch for any follow-through. I’d be more confident once price is back above the $16 S/R level and the weekly 200 EMA:
Silver daily: note how there is bullish ADX and +DMI momentum:
Silver 4hr: price action has been in an uptrend for a number of days, but, any pullback would have me looking for a push down to the 4hr chart’s 61.8% fib, circa $14.75. Any weekly close below $14.75 would suggest to me that this uptrend has been exhausted.
SILJ weekly: this Silver ETF looks to have made a bullish weekly-chart descending wedge breakout already. Watch for any push to the weekly 61.8% fib, circa $15, which happens to be previous S/R. Keep an eye on momentum here:
SLV weekly: this Silver ETF looks to have made a bullish weekly-chart descending wedge/triangle breakout already as well. Watch for any close and hold above $15 to potentially push up to the weekly 61.8% fib, circa $35, which also happens to be previous S/R. Keep an eye on momentum here as well:
Summary: Silver is starting to look bullish but I’m watching for signs that this daily chart momentum might continue and evolve onto the higher time frame charts. In essence, I’d also like to see a close and hold above $16 and, then, the weekly 200 EMA. I’m prepared to watch a pullback back down to $14.75 but a weekly close below this level would suggest the current uptrend is exhausted.