Silver Weekly Chart - Confluence of Resistance Above
Silver needs to break through a series of strong resistance zones in order to continue uptrend.
First off there is the horizontal resistance from around $16.05 to $16.25 which intersects with the bearish trendline from the 2016 high. Price was rejected after entering this zone the last week of January.
Pending price breaks above this zone it is faced with the Weekly 200 MA and the rising trendline which dates back to 2008. The monthly 200 MA, not shown on this chart comes in at $16.46. A convincing move up to the $17.00 range is needed to extend the bullish rally.
I understand and support the bullish stance on precious metals. The looming global recession, trade wars, stock market bubble, QE, Brexit. The list goes on.... Still though DXY looks poised to rise considering the weakness in all the other major currencies. Be cautious chasing prices higher.
First off there is the horizontal resistance from around $16.05 to $16.25 which intersects with the bearish trendline from the 2016 high. Price was rejected after entering this zone the last week of January.
Pending price breaks above this zone it is faced with the Weekly 200 MA and the rising trendline which dates back to 2008. The monthly 200 MA, not shown on this chart comes in at $16.46. A convincing move up to the $17.00 range is needed to extend the bullish rally.
I understand and support the bullish stance on precious metals. The looming global recession, trade wars, stock market bubble, QE, Brexit. The list goes on.... Still though DXY looks poised to rise considering the weakness in all the other major currencies. Be cautious chasing prices higher.