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Silver (SI) Retests 38.2% Fib Retrace of Mar-Sep Slide

Silver (SI) Retests 38.2% Fib Retrace of Mar-Sep Slide

Posted November 23, 2022
Darren Chu
Tradable Patterns

Silver (SI) Retests 38.2% Fib Retrace of Mar-Sep Slide

Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide.  With SI having formed a major bottom within the consolidation since August 2020, SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end.  Renewed short covering could trigger with today’s 945am EST US flash services PMI or with the 2pm EST FOMC meeting minutes.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to readers who heeded the warning December 16, 2020 of SI’s breakout above its daily chart downchannel resistance and who benefited.  Except for the daily MACD which is negatively crossing and the tiring daily Stochastics, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  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 GOLD, GBPAUD

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Source: Interactive Brokers TWS

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021

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