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Silver: Short-Term Trend Turns Upward

Silver: Short-Term Trend Turns Upward

For now, on a short-term basis, the dollar-price of silver has reversed to the upside.

With higher highs and higher lows quantifying the base definition of an upward trend, silvers price action from its recent print low at $14.10 certainly fits the bill.

 

 

Daily Silver Chart

At its $17.86 print high on Friday, silver acquiesced upon encountering overhead trendline resistance to close the session just beneath the boundary at $17.75.

From this perspective, most notable is silver's short-term success in breaking out above the multi-month down trend channels illustrated in dark blue.

The light blue uptrend channels drawn from the $14.10 print low depict silvers recent efforts in establishing a new uptrend, and quite plausibly, the long-term bottom in question.

Should silver succeed in breaking out above the aforementioned downward sloping red trend line, it will then face further horizontal resistance at $18.18, and again at $18.59, a level which rests in defense of a downside price target of $13.00 dollars per ounce.

Going forward, $16.19 and $15.51 will prove to be good gauges of support in monitoring silvers latest attempt at rising from the ashes of a rather long bear market.

Until Next Time,
Trade Better / Invest Smarter

 


The Chart Cast Pilot and Elliott Wave Technology's Guardian Revere Long-Term Trend Monitor are the proud sponsors of this communication.

 

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