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Silver Bounces to Post False Break & Dual Pin Bars | Oct 7th
Spot Silver – Starting to Reverse?
Selling off for the last month, the precious metal is starting to show signs of a reversal from the prior downtrend. After consolidating above 21.20 for about two weeks, the PM formed a false break and then followed it up with a dual pin bar rejection at the key 21.20 level.
Today the pair jumped higher gaining over 100 points on the day while clearing the 20ema for the first time in three weeks, suggesting a possible reversal. Bulls can now look for intraday price action signals to buy around 21.75 targeting 23.30. Bears will need to wait till this next resistance level before selling. Only a daily close below 21.20 will turn this short term bullish momentum.
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