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Silver (SI) Weekly MACD Trying to Positively Cross

Silver (SI) Weekly MACD Trying to Positively Cross

Posted March 29, 2023 at 1:09 am
Darren Chu
Tradable Patterns

Silver (SI) Weekly MACD Trying to Positively Cross

Silver (SI) is consolidating with its weekly Hammer after the monster rally from the 2023 low (formed 3 weekly candles ago) around the psychologically key 20 whole figure level.  Nevertheless, a deeper pullback to below the 50% Fib retrace of the January to March slide before month end is unlikely.  Odds are elevated for a test by April sometime of triangle resistance (on the weekly chart).  Watch for volatility Thursday with the US GDP and unemployment claims and Friday with the US core PCE price index.  Congratulations to paying subscribers who benefited from the Nov 2, 2022 analysis suggesting that SI was in the advanced stages of forming a major bottom.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GOLD, VIX

Source: Interactive Brokers TWS

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