Silver - Is a reversal to the upside in the making?

[BigRob]

My analysis indicates that buying is becoming more pronounced. If it continues a buy signal could be issued at weeks end.

 

[timsk]

My analysis indicates that buying is becoming more pronounced. If it continues a buy signal could be issued at weeks end.

Hi BigRob,
IMO, silver isn't a great instrument to trade based on TA, as it's very much at the mercy of fundamentals that can change on a dime. Recession/inflation, the Ukraine/Russia war and the strength of USD$ all impact it significantly. That said, if you're going to discount all of that, I recommend you pan out - as the technical picture looks a little different on a larger time scale. It's recently broken long term support at circa 21.50 and, while it has risen above that level this week, I'd expect a test of the recent 20.45 low. If (hopefully soon), there are mutterings of a peace deal in the war, DXY continues to push higher and there's no significant uptick in productivity in China - then there's every possibility that price could fall further. Equally, the reverse is true, all of which will happen sooner or later, at which point there's significant upside potential. Now's a good rime to consider buying if you're a silver stacker or collector - but probably not if you're a trader. Just my £0.02p worth.
Tim.

 

[BigRob]

I use Quantitative analysis and have been for many years. This is not your run of the mill TA. It's quite accurate and has direction, momentum and discipline built right in. Generally tech analysis lags, QA does not.

 

[timsk]

Apologies BR, I was under the (false) impression you were posting here for feedback to get the views, thoughts and analysis of fellow T2W members. That is, after all, the general idea of a forum like this one and is infered in the thread's title.

 

[BigRob]

No problem whatsoever. Views and opinions are always welcome! Thank you...

 

[Jasonn]

As the value of silver is dipping, many are taking the advantage of the opportunity to buy it.

 

[jonahelen527]

Silver is going a bit tricky. This is mainly due to the fact that even though the traders find silver to be a precious metal, it is also tied to the real economy.

 

[barneydunn]

It's worth mentioning that on the dailyfx sentiment (or IG rather) silver is being bought by everyone, their wife and the dog. Usually that's a good time to be selling!

 

[andrewborund597]

Global recession fear has also struck the white metal.