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Today's Change
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Silver (SI) Weekly MACD Positively Crossing

Darren Chu - Tradable Patterns - Wed Oct 5, 2022

Silver (SI) Weekly/Daily/4hr

Silver (SIZ22) is consolidating after Monday’s massive surge above descending wedge resistance (on the weekly chart). Although SI has made its major bottom, healthy profittaking for the balance of the week is likely as it bumps up against the August high as well as ascending wedge resistance (on the 4hr chart). Odds are low though for SI to slide before the weekend below the psychologically key 20 whole figure level. Volatility will arrive from any of today’s 815am EST US ADP non-farm employment change and 10am EST ISM services PMI, and Friday’s highly anticipated US Non-Farm Payrolls (NFP). The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to readers who heeded the warning December 16, 2020 of SI's breakout above its daily chart downchannel resistance and who benefited.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  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, COCOA

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