Youtrading UK
Português Español русский
Register Login
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result

Silver Technical Analysis – Triangle Unfolding

by Nathan Batchelor
22 February 2021
in Commodities, Insights
0
Silver Technical Analysis – Triangle Unfolding
413
SHARES
8.6k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Silver bounced back sharply from the $26.00 support level last week, as the shiny-metal strongly outperformed gold on a weekly basis. With both nominal and real US yields on the rise its remains to be seen if silver can continue to bounce back on price dips.

The technical picture certainly remains bullish for silver, however, it is unclear how the metal will act again this week if the price of gold comes under further selling pressure and starts to take out some big downside levels, such as $1,760 and $1,700.

Non-yielding metals such as silver and gold may struggle to hold onto recent gains if the bond market continues to deliver the kind of performance that was witnessed last week. The prospect of US inflation and rising rates is certainly bad for silver from a fundamental perspective.

Something else to watch is the greenback. This could be the downfall or the saving grace for silver as the US dollar index is trading at a critical juncture at the moment. A bullish breakout in the US dollar index could cause a major sell-off in both gold and silver.

However, traders are still likely to use major price dips in both metals as a major long-term buying opportunity. Additionally, it is not clear whether the expected $1.9 trillion stimulus package from the Biden administration is already priced into silver.

Silver could still receive some bullish tailwinds from the stimulus announcement. This week’s Core PCE inflation reading from the US will be particularly closely watched by metals traders. This is the FED’s preferred inflation metric, and a strong reading could spook silver bulls.

According to the ActivTrader Market Sentiment tool traders still remain extremely bullish towards silver, and the positive sentiment has picked up over the last few days. I now have concerns that sentiment is getting too one-sided, and therefore we may see a correction to the downside in silver prices this week if this continues.

Silver short-term Technical Analysis

The current short-term technicals for silver show that the metal is trapped inside a large symmetrical triangle pattern. The pattern has formed on the one-hour time frame and is located between the $27.65 and $26.30 levels.

Last week silver tested both the top and the bottom of the symmetrical tringle. In fact, a false breakout took place under the triangle pattern last week, during the very brief price plunge towards the $26.00 support region.

According to the overall size of the pattern we should expect silver to stage a move of around $1.35 when a breakout from the mentioned triangle pattern finally takes place.

Source by ActivTrader.

Silver Medium-term Technical Analysis

According to the daily time frame the recent price drop to $26.00 helped to shape a noticeable bullish pattern. Technical analysis highlights that the inverted head and shoulders pattern could be forming a final right-hand shoulder.

The downside risk here is an extended price plunge under the $24.00 level. This may cause price brief capitulation towards the $22.00 area and possibly lower.

The Bollinger Band indicator is also highlighting that a major breakout is looming as the bands continue to tighten. The bands are still rising, which is a positive, and could imply near-term upside pressure.

Source by ActivTrader.

Tags: FedGOLDSilverUS DOLLAR INDEXUS stimulus package
Previous Post

How much higher for the Canadian dollar?

Next Post

EURUSD Technical Analysis – Make or Break Time

Next Post
EURUSD Technical Analysis – Make or Break Time

EURUSD Technical Analysis - Make or Break Time

Please login to join discussion

CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Opening of the Week
  • Sem categoria
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español русский

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_wpfuuid11 yearsThis cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon.
cf_use_obThis cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires.
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_fbp3 monthsThis cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
fr3 monthsThe cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
_gat_UA-42160853-21 minuteNo description
cf_ob_infoNo description
CONSENT16 years 8 months 3 days 6 hours 2 minutesNo description
SAVE & ACCEPT
Powered by CookieYes Logo