US Markets are closed for Labor Day Holiday so there is not much happening today. Looking at Silver, we can see a Consolidation taking place after the big fall in metals last week.
Sellers are in control today. The Confluence of Resistance around the 27.00 area was able to stop price from going up at the beginning of the London Session today. Weak Resistance at 27.00 and Pivot Point Resistance at 27.22
Chart Pattern formed: Rising Wedge (Bearish) H1, Rising Wedge (Bearish) H1
Confluence of Support: Verified Support at 26.00 area and Pivot Point Support S1 at 26.31
There is a Strong Confluence of Support around 26.00. This is the Sweet Spot..We have Four (4) types of Support in this area.
Trendline Support: We have Trendline Support at 26.60 which is the Major Trendline from 28th July 2020 (The Red Trendline).
Moving Average Support: H4 Chart: Price in between 100 SMA and 200 SMA (Buy Area). 200MA support is at 26.29
Pivot Point Support at 26.32
Verified Horizontal Support in the 25.90 - 26.00 area.
Trade Call:
Silver is still in a Bullish Movement since the 100MA and 200MA crossed over in April. We should be looking to buy in about 1-2 days from now when price reach the confluence of support. Buy when price is in between 25.98 - 26.37
Sellers are in control today. The Confluence of Resistance around the 27.00 area was able to stop price from going up at the beginning of the London Session today. Weak Resistance at 27.00 and Pivot Point Resistance at 27.22
Chart Pattern formed: Rising Wedge (Bearish) H1, Rising Wedge (Bearish) H1
Confluence of Support: Verified Support at 26.00 area and Pivot Point Support S1 at 26.31
There is a Strong Confluence of Support around 26.00. This is the Sweet Spot..We have Four (4) types of Support in this area.
Trendline Support: We have Trendline Support at 26.60 which is the Major Trendline from 28th July 2020 (The Red Trendline).
Moving Average Support: H4 Chart: Price in between 100 SMA and 200 SMA (Buy Area). 200MA support is at 26.29
Pivot Point Support at 26.32
Verified Horizontal Support in the 25.90 - 26.00 area.
Trade Call:
Silver is still in a Bullish Movement since the 100MA and 200MA crossed over in April. We should be looking to buy in about 1-2 days from now when price reach the confluence of support. Buy when price is in between 25.98 - 26.37