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Spot Silver Pullback Level Holds, Forms Pin Bar | Feb 19th
Spot Silver – Bull Trend Intact
In our most recent weekly market commentary, silver had turned short and medium term bullish with the breakout above 20.42 and taking out the 3 month resistance. We suggested getting long on corrective pullbacks into 21.24. Yesterday the pair hit a low of 21.29, then rejected higher forming a pin bar. Today the pair rejected the level a second time, so short term a range is in play, and thus the bull trend intact.
Traders not already long, can look for a third range touch on the lows, or a deeper pullback towards 20.50 to get long. Upside targets will be 22.75, while looking for a deeper move higher towards 24.50/75. Another alternative would be to wait for a breakout pullback setup above the range resistance at 22.
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