One more time SILVER. Monthly perspective.
Hi All,
Once again my extremely bullish view on silver, but this time from a monthly chart perspective.
The price action is approaching the 200 MA which will act as a strong support and the price will probably bounce from it like from a trampoline.
What is more the price of silver retraced from it's ATH to the 78,6% Fibo level - it already bounced from it 3 times and now it is preparing to take-off.
We are currently in a quite narrow tunnel with it's resistance at around 18.4 $ and support at 15.6 $. If we manage to break the 18.4 $ resistance level the doors to heaven will be opened.
Last but not least, if you use the BB indicator you will be able to see that the bands are narrowing - which means that the price is setting up for a strong move!
Hope it helps.
All the best.
Once again my extremely bullish view on silver, but this time from a monthly chart perspective.
The price action is approaching the 200 MA which will act as a strong support and the price will probably bounce from it like from a trampoline.
What is more the price of silver retraced from it's ATH to the 78,6% Fibo level - it already bounced from it 3 times and now it is preparing to take-off.
We are currently in a quite narrow tunnel with it's resistance at around 18.4 $ and support at 15.6 $. If we manage to break the 18.4 $ resistance level the doors to heaven will be opened.
Last but not least, if you use the BB indicator you will be able to see that the bands are narrowing - which means that the price is setting up for a strong move!
Hope it helps.
All the best.