Silver Still Moving Sideways

22 мар. 2021 г.

In July 2020, price was making good progress in Silver after moving above a previous high at $21
to go on to reach a high of $29 the following month. Ever since that high was made, price has been
in consolidation and has been struggling to move above the $30 round number.

Price has been in consolidation for seven months now and holding in between $21 & $29.
On February 1st price spiked above the resistance hitting $30 but that was a fakeout and price
quickly returned back inside the consolidation zone.

This fakeout is a reminder why we don’t just jump into a position straight away. We need to see a
clear break and a close above/below resistance/support.

Price is above the daily 200 simple moving average and pointing up so the bias is bullish for now.
All we need to see is a move out of consolidation and we are looking for our confirmation signal which
is shared with our members. This will guide us to enter only high probability opportunities.

Silver is looking good and it is only just a matter of time before we see an opportunity to enter
a position in this commodity.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.