Silver (SI) Daily MACD Trying to Positively Cross

Articles From: Tradable Patterns
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CFA, Founder

Tradable Patterns

Silver (SI) Daily MACD Trying to Positively Cross

Silver (SI) is making progress in forming a much higher February low versus the Bull Flag Consolidation low (on the weekly chart) in September and seen more easily on a monthly chart.  Odds are low for SI to slide further to the psychologically key 20 whole figure level by March sometime, particularly with SI trying to halt its pullback from the January high around the 38.2% Fib retrace of the March to September slide.  Strength may arrive as early as today 2pm EST with the US FOMC meeting minutes, Thursday with the US GDP, or Friday with the US core PCE price index.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to paying subscribers who benefited from the Nov 2, 2022 analysis suggesting that SI was in the advanced stages of forming a major bottom.  Except for the weekly MACD which is negatively crossing, the weekly and daily RSI, Stochastics and MACD are bottomish.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on NATURAL GAS, GBPAUD

Source: Interactive Brokers TWS

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