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The price of #Silver could rally this month in line with its seasonal bias. July seasonally is the best month for the #preciousmetal, and current price action suggests a long opportunity is forming.
We’re going to take a look at Silver (XAG) as we’re coming up to a potential seasonal rally.
Seasonal heatmap
The strongest month for XAG is July throughout the whole year. So, we could see a potential bullish opportunity forming out of all these precious metals.
Image from:https://marketsmadeclear.com/Resources/Market-Seasonality.aspx
So this could be something that we can keep our eye on for a good opportunity.
Weekly timeframe
The price rallied quite significantly throughout July last year. This combined with the USD downside as well.
Last July 2020, the price rallied in line with the seasonal bias and could form again this year. However, the USD is bullish at the moment which could limit the move to the upside.
So, that’s why the move may have been exaggerated. Nonetheless, we can still look for potential opportunities. In the weekly timeframe, the price went back to the structure area around 25-26 USD where it recently found some buyers. The market rallied and we came back.
In the weekly timeframe, the price is reacting to a previous support area and it is forming a bullish engulfing candle. This could be seen as a strong bullish reaction in line with the seasonal bias.
The price looks like it will remain bullish in the area where the price fell from, which is the supply zone up at 28 USD. In the weekly timeframe, it looks like we’re forming a bullish engulfing candle.
Daily timeframe
The price is forming a double bottom pattern right now. If it breaks out of that, we could look for the price to retest the neckline as support. Then, we could look for a continuation of the bullish price action to the upside, trading back.
The daily timeframe is forming a double bottom pattern at the support. If the price forms a new high, we can look for long opportunities on the neckline of the pattern.
Keep an eye on XAG’s potential bullish seasonal period and long opportunities to try.
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