Silver spot update: Undertone friendly

The intraday chart looks increasingly bullish and the market should pick up steam once intraday resistance at 16.7450 is cleared. The weekly chart still looks friendly despite the recent inactivity. Note that both Silver and Gold have done relatively well in non-USD currencies so most visible pressure was due to USD strength, rather than intrinsic selling.

We are long Silver and Gold and remain to operate on the buy side as long as 16.20<>16.10 remains intact. Expect lots of action once 17.10 is cleared on the daily/weekly charts.

  • Near term trend: neutral/positive
  • Long term trend: neutral
  • Outlook: powerful long term bull trend > 17.10
  • Support: 16.20 / 13.10 / 15.55-
  • Resistance: 17.10 / 22.11* / 26.17*

Weekly chart Silver (spot)

11 APR 2018

The intraday chart looks increasingly bullish; all that is needed is a break above the pivots around 16.7450 in order to get things going. The weekly chart looks a lot more interestingly though (for some time). A large basing pattern is about to be completed to the upside. Breaching 17.10 triggers the start of a new uptrend towards 22.11 (minor target) and 26.17 thereafter (major target).

Due to the underlying strength we are adding to longs on the minor dips. A more conservative approach is to wait for a close above 17.10 before entering.

  • Near term trend: neutral/positive
  • Long term trend: neutral
  • Outlook: powerful long term bull trend > 17.10
  • Support: 16.2750 / 15.55-
  • Resistance: 17.10 / 22.11* / 26.17*

Weekly chart Silver (spot)