Silver Long term Technical Analysis December 2018

Silver long-term technical analysis

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There is no momentum in silver movement and the price traded in $1 range since September. Nothing much to expect as the precious metal seems in a consolidation period, waiting for the trigger for next movement. It is the last month of the year and we expect not much change happen.

However, from the fundamental side. The market is watching ECB, Brexit, U.S-China trade war, and the Fed interest-rate decision. Will Silver finally find some trigger to move this month?

Click here to see previous Silver long-term technical analysis October 2018

Monthly chart

The price movement of silver mostly sideways and without momentum since it hit the $14.00 support level. We have no close below the support level, but the bull also silent for three months. The bullish scenario still favored but with less chance to happen. If silver could bounce from the support then it will target $16.00.

Weekly chart

Zooming in the weekly chart, we could find silver traded between $14.00 – $15.00 and waiting for a breakout. There is no breakout yet and traders could use the moment to trade the range.

Daily chart

The silver situation on the daily chart is similar to the weekly chart, trading between $14.00 – $15.00. We have lower level support and resistance level at $14.25, $14.50, and $14.80. Traders could use the levels to place short-term positions.

Trade plan

Bullish: Long position could be taken near $14.00 support with low risk. (Same strategy)

Bearish: Short position could be taken when upward correction happen. The level to watch is $15.00 and $16.00 (Same strategy)

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