Silver long-term technical analysis
Silver prices are on the bullish path since last year movement above $25.00 – $26.00 area. The price never turns lower below the area again. Higher uncertainties on the global market as President Trump announce tariff and reform, causing traders to flee to precious metal. Traders could expect the precious metal to continue trending upward this year.
Monthly chart
Silver prices have entered the bullish trend again since it climb above the orange area or $25.00 – $26.00 area. The price tested the level near $35.25 and made a slight pullback. The situation is bullish and each pullback chance for traders to add more long positions. Under current situation, traders will continue to accumulate long positions, expecting bullish breakout above $35.25.
Weekly chart
The only direction of silver prices is bullish for now as the price continue printing new higher swing high and higher swing low. Similar to the monthly chart, the current bullish movement has strong momentum, and we expect the price to retest $35.25 soon. If the price make a bearish pullback, then traders could use $31.50 as a place to add long positions.
Daily chart
Silver prices consistently moving upward inside a bullish channel on the daily chart. There is no bearish indication and the price has printed new higher swing high in the recent upward movement. It means the price will continue the bullish movement and traders could use the bottom of bullish channel to continue to add long positions.
Trade plan
The situation is bullish, and it is better to stick with long positions. On the short-term time-frame, traders could use the bullish channel on the daily chart to add long positions. On the medium-long term time-frame, traders will observe the $31.50 as support level. Watching the upside, $35.25 is the nearest resistance level to watch. The movement above the level might trigger buying toward $40.00 and $50.00 or the 2011 high.
On the lower side, the movement below $28.70 will trigger bearish scenario where it might push silver prices down toward $25.00 – $26.00 area.