Trade Alert.
Silver has exited the triangle formation. At the moment, this looks like a bearish indication for the short-term picture, where we could see the precious metal traveling lower.
Silver has tested the 16.06 mark, but yesterday it found its support slightly lower than that, at around 15.975. If the precious metal decides to move below that today, the next good strong area of support could be around the 15.625 zone, marked by the lows December 2017.
For us to become somewhat bullish again, we would need to see Silver closing above the 16.325 level. Then we could start aiming for the previous higher levels.
Always have your SL in place.
Silver has exited the triangle formation. At the moment, this looks like a bearish indication for the short-term picture, where we could see the precious metal traveling lower.
Silver has tested the 16.06 mark, but yesterday it found its support slightly lower than that, at around 15.975. If the precious metal decides to move below that today, the next good strong area of support could be around the 15.625 zone, marked by the lows December 2017.
For us to become somewhat bullish again, we would need to see Silver closing above the 16.325 level. Then we could start aiming for the previous higher levels.
Always have your SL in place.