Silver Market Update
The silver market is looking quite interesting right now! Here's a breakdown of the key insights:
📊 Daily Chart Highlights:
• Silver is stabilizing above its 200-day moving average at 2918.
• It's also holding steady above the 61.8% retracement of the entire move up from August, located at 2971.
• The daily RSI shows divergence, signalling a loss of downside momentum.
📈 Historical Patterns:
• If we compare this to the last correction (May–September), we see a similar pattern where the market held above its 200-day moving average and 61.8% retracement. History might be repeating itself!
🌥️ Long-Term Perspective:
• The weekly chart looks strong, with the cloud providing support for weekly price movements.
⚖️ Gold/Silver Ratio:
• Signs of failure at the longer-term downtrend (dating back to August 2022) add weight to the bullish outlook.
💡 What This Means:
The combination of technical support levels, momentum indicators, and historical patterns suggests we may be gearing up for a recovery in the silver market.
📌 Watch closely for potential upside movement!
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
📊 Daily Chart Highlights:
• Silver is stabilizing above its 200-day moving average at 2918.
• It's also holding steady above the 61.8% retracement of the entire move up from August, located at 2971.
• The daily RSI shows divergence, signalling a loss of downside momentum.
📈 Historical Patterns:
• If we compare this to the last correction (May–September), we see a similar pattern where the market held above its 200-day moving average and 61.8% retracement. History might be repeating itself!
🌥️ Long-Term Perspective:
• The weekly chart looks strong, with the cloud providing support for weekly price movements.
⚖️ Gold/Silver Ratio:
• Signs of failure at the longer-term downtrend (dating back to August 2022) add weight to the bullish outlook.
💡 What This Means:
The combination of technical support levels, momentum indicators, and historical patterns suggests we may be gearing up for a recovery in the silver market.
📌 Watch closely for potential upside movement!
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.