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Gold(GCG23)
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Silver (SI) Retesting 50% Fib Retrace of Mar-Sep Slide

Tradable Patterns - Tue Dec 6, 2022
Silver - silver bars stacked

Silver (SI) Weekly/Daily/4hr

Silver (SIZ22) is consolidating a 3rd straight day, vulnerable to a bit more healthy profittaking ahead of the weekend. Nevertheless, SI’s brief break on Monday above the 61.8% Fib retrace of the March to September slide suggests a completion to the major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com).  Odds are elevated for a test of the May high (coinciding roughly with upchannel resistance on the daily chart) before the year end lull sets in.  Any further pullback as a result of yesterday’s break below upchannel support (on the 4hr chart) will unlikely see a slide below upchannel support (on the daily chart).  Volatility will surge Friday with the US’ core PPI and PPI, and preliminary UoM consumer sentiment.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to paying subscribers who benefited from the Nov 2, 2022 analysis suggesting that SI was in the advanced stages of forming a major bottom.  The weekly RSI, Stochastics and MACD are rallying or consolidating recent gains, but weighed by the daily MACD which is trying to negatively cross.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GOLD, VIX

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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.