Silver Long term Technical Analysis July 2018

Silver long-term technical analysis

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There is not much interesting update on silver as the price continues its ranging movement between $16.00 – $17.50. No close outside of the range yet since January’18 and it is possible the ranging will continue. This month, there is a mini bearish pressure which pushes the price down below $16.00, but it seems the bull return before the selling could continue.

Traders might want to stay sideline or looking for a mini long position as silver threading at the bottom of $16.00 – $17.50 range.

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

Monthly chart

Silver has not moved out of the triangle pattern on the monthly chart yet. Moreover, the range stays intact between $16.00 – $17.00 for several months. Recently, the precious metal tested the bottom of the triangle and bounced. Will the bounce continue upside and test top of the triangle again?

Weekly chart

We add a yellow area on the weekly chart which shows demand area of silver. The price always bounces from the area and currently, there is an opportunity for a long position. Nothing changed yet unless the bottom trendline tested and broken by the bear.

Daily chart

The outlook of silver on the daily chart shown a sideway ranging movement between $16.00 – $17.00 until the area broken downside in recent days. Breakout happens though it is not a strong breakout. At this moment, $16.00 will act as resistance.

Trade plan

Bullish: The best possible scenario for a long position is when the price testing bottom trendline on the monthly chart.

Bearish: Short position is best taken when the price hit level between $17.00 – $17.50. The short-term short position could be taken from $16.00.

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