Silver bathes in gold’s glory

Silve daily chartA prescient post on Monday when I suggested silver would be relying on gold for a breakaway from the current congestion, and with gold surging higher, this has delivered the much-needed impetus I expected for silver, with the metal clearing all the levels I outlined in the post. These now look set to provide the requisite platform of support, with only marginal price based resistance ahead in the $18.40 per ounce region and denoted with the blue dashed line of the accumulation and distribution indicator.

Note this is not very thick, so is relatively weak, and combined with the volume falling away on the VPOC histogram as we climb higher and move to $18.60 and beyond now appears achievable, something we would not have thought possible last week.

Silver relying on a move from gold

By Anna Coulling

Charts from NinjaTrader and indicators from Quantum Trading

About Anna 2016 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.

» CONTACT ME