SILVER Daily and Weekly Charts

The silver daily and weekly charts set up with positive divergence in the first half of November and bingo, price bounces. The daily chart shows price traveling from the lower band to the upper band at 14.70 over the last three weeks in a a two-leg bull pattern. Price keeps teasing the top of that blue channel at 14.80-ish. The bottom of the channel is 14.00.

If price breaks out above 14.80, it will likely run the same distance of the channel which is a 15.60 target that just happens to be the 200-day MA moving lower. Therre is a lot of price congestion in July and August at 15.3-15.6.

The weekly chart shows the positive divergence bottom which bounces price although the ADX indicates that the weekly strong downtrend in price continues. Nonetheless, the inciators are long and strong wanting to see more new price highs after any pullbacks. The daily chart indicators are long and strong as well sans the money flow and the stochastics now moving into overbot territory.

The daily chart hints at a couple more days of upside but then price will likely stall again fo a few days, however, the weekly chart remains strong so price should then rally again and likely break above the 14.80 resistance. The weekly chart is encouraging for silver. Keystone does not hold any positions in silver currently.

Watch the stochastics on the weekly chart to see if they move above 50% into bull territory or if they stay below 50%. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.