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.

silver pin bar pullback level price action 2ndskiesforex

Read our latest article on How to Build A Proper Trading Plan

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article