Silver at the daily view.
Silver has some serious strength behind it. Even when the DXY rallied, silver barely sold off.
Right now, silver is in an upward channel. However there is also a wedge resistance holding it down. Silver is consolidating for another move up.
The question is, would silver pullback first then rally or head straight to a rally? The end of the wedge is at the beginning of October. Silver is likely to make a move before that.
This would depend on two factors. 1) The dollar rallies then weakens. 2) The TNX also tanks even further down... which there is not much room left to the downside.
If these two factors happen near the end of the wedge, then silver might rally near $40.
Silver tends to sell off along with equity. It's not the hedge that people think it is. PMs decouple after a sell off. However, silver tends to be tied with silver miners. That might provide a clue of where it's going.
In addition, there is a bearish RSI divergence going on in silver. Silver's price is at an uptrend. However, the RSI is at a downtrend. It hasn't played out yet. This may provide a clue that silver may dip first before rallying.
Silver has some serious strength behind it. Even when the DXY rallied, silver barely sold off.
Right now, silver is in an upward channel. However there is also a wedge resistance holding it down. Silver is consolidating for another move up.
The question is, would silver pullback first then rally or head straight to a rally? The end of the wedge is at the beginning of October. Silver is likely to make a move before that.
This would depend on two factors. 1) The dollar rallies then weakens. 2) The TNX also tanks even further down... which there is not much room left to the downside.
If these two factors happen near the end of the wedge, then silver might rally near $40.
Silver tends to sell off along with equity. It's not the hedge that people think it is. PMs decouple after a sell off. However, silver tends to be tied with silver miners. That might provide a clue of where it's going.
In addition, there is a bearish RSI divergence going on in silver. Silver's price is at an uptrend. However, the RSI is at a downtrend. It hasn't played out yet. This may provide a clue that silver may dip first before rallying.
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