Silver – Looking Like It Wants to Break Higher | Aug 6
Chris Capre’s current live open price action and ichimoku trades: USDJPY, AUDCAD, SLV, AUS200
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Silver – Trying to Breakout, ST Bullish, But Needs to Clear Resistance (1hr chart)
Price Action Context
Gaining heavily over the last several weeks, Silver formed a wide corrective structure between 15.90 and 16.63 for the last month. However, the precious metal is forming a series of higher lows, putting pressure on the bears in the ST resistance zone between 16.54 and 16.64.
Trending Analysis
For now, I’m ST and MT bullish, but I’d like to see the PM break through the short term resistance and stabilize above 16.63. If it can do that, I favor the probabilities it continue it’s ST bull run.
Key Support & Resistance Levels
R: 16.54, 16.64
S: 15.90, 15
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