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The #Silver price is forming an uptrend on its way to $25.00. Should we trade with the trend or look for the reversal?
Watch the video to learn more…
The Weekly Chart
We recently spoke of Silver and whether the price will trade higher which can be found here. Now that the price has moved higher we can begin to look for long opportunities.
The weekly time frame on Silver shows that the market is an overall trading range between $21 and $30. However, the market has recently found support at the lows which could lead to the market trading within the range back to the swing highs. If the price is going to do this we should see a lower time frame uptrend form.
Seasonally the price of Silver rallies from the start of November to the end of January. The seasonal pattern may be playing out early here or the price could be gearing up for a strong impulsive move through the Christmas period.
The weekly swing highs at $25 could be an ideal price for the market to head towards in the short -term making it targets for any swing trading opportunities.
The 1hr Chart
We have established that the trend is bullish on the 4hr time frame after the market formed the key inverse head and shoulders pattern and price began to form higher highs and higher lows. When the market retests these previous highs we often see the market continue to move with the trend until something changes.
Now the price is back at the previous 4hr highs we need to apply a strategy that allows us to enter the market on a consistent basis. The swing strategy for this market could be a retest and close above the 50 Exponential Moving Average or EMA. If the price reacts to this moving average we could look for long positions to the major swing level.
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