Silver: A Break Above $21.25 Is an Important Buy Signal
2023.03.13 08:02
rocketed from 1827.50 up to 1870 in a straight line. I would guess as a safe haven as the second biggest bank collapse occurred.
followed Gold higher but pulled back at close to half the gains in the day.
Crude MAY is stuck in a 4-month sideways triangle. This makes day trading levels difficult.
Silver Weekly Chart
Today’s analysis
Gold shot higher through resistance at 1840/45 & even last week’s high at 1858/59 to reach 1870. A $59 gain in 2 days, leaving a huge shooting star on the weekly chart after last week’s bullish engulfing candle. If these candlesticks play out as expected, we should see further gains this week.
Holding support at 1863/60 & a break above last week’s high at 1870 can target 1878/80. A break above 1883 targets 1890.
A break below 1858 however risks a slide to 1848/46. We should meet strong support at 1840/35. Longs need stops below 1830.
Silver holding above minor support at 20.50/40 can target strong resistance at 2095/2105. Shorts need stops above 21.25. A break higher is an important buy signal for this week targeting 21.60/70 & 21.90/99.
Longs at 20.50/40 need a stop below 20.30.
WTI Crude (May) ranges from 73.50/73.00 up to 82.00. We should have some support at the 2-week low at 75.00/74.75.
We should have resistance at the 2-day high at 77.75/78.00 & again at the upper end of the 6-week range at 80.50/80.90.
I really cannot do better than that at this stage. The market is erratic, random & volatile but not actually going anywhere week to week.
