Silver -> The Bounce Is Inevitable

5 בפבר׳ 2023

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis.

The last three weeks Silver perfectly tested a quite obvious previous weekly support zone, which was now turned resistance and with this weeks candle the market finally rejected the zone towards the downside.
Considering the fact that we are now testing an insanely strong weekly support zone, I do at least expect a short term short covering rally towards the upside, after Fridays harsh dump towards the downside.

From a daily perspective we are also close to retesting previous support, so I am now just waiting for a deeper retest of the support zone, before I will then enter a long position on Silver.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:
https://www.tradingview.com/chart/XAGUSD/Shtk9tji-Silver-Multi-Timeframe-Analysis-30-01/