DanteBouzas

Will Silver test the bottom of its range?

COMEX:SIH2021   Silver Futures (Mar 2021)
There has been a lot of talk of Silver lately. At the moment, Silver is interesting because it has pushed up through the middle of its range and volume has picked up. Follow the flow. It did sell-off after the push through 27.395 but that strong sell-off was stopped above 26.15. I consider 26.15 the value area, above it, we are above value and below it, we are undervalued. Below 26.15 is where many anchored VWAPs are coming together. The area below 26.15 has my attention because if we look at MACD and ZRev and if we want another thrust up to test the 180 day top of the range, below the 26.15 area might be our launchpad. Am I a buyer today of Silver? Not today. Will we go up to the Fibonacci retracement then back to down below 26.15 to the launchpad? I don't know but I do know I am looking for a value below 26.15 and if momentum picks up, with a bullish MACD crossover under 0, I will consider it. I will be looking for flow, momentum, and value. If I can get all 3, it's a trade worth considering.
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