Silver – Breakout Manifested As Expected, Still Long | Aug 7

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Chris Capre’s current live open price action and ichimoku trades: USDJPY, AUDCAD, SLV, AUS200

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Silver – Looking Shiny After Breakout, Staying Long (4hr chart)

Price Action Context

As we talked about in our trade ideas yesterday, we opined that silver was putting pressure on the bears and looking like it wants to breakout to the upside.

Today the PM manifested exactly as suggested, literally breaking above, and touching our resistance level 16.64, treating it as support and launching higher.

Congrats to all the members who profited from this trade setup.

silver trade setup 2ndskiesforex

Trending Analysis

ST and MT bullish while above 16.64 on a ST closing basis, and 15.90 on a daily closing basis. Traders not already long can look for corrective pullbacks towards 16.64 to look for long opportunities.

Key Support and Resistance Levels

R: 17.28, 17.69

S: 16.64, 15.90

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