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Silver could break out of this technical chart pattern

Admin
May 14, 2021 Precious Metals News Comments Off on Silver could break out of this technical chart pattern


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(Wallace Refiners) – Silver has been moving higher in the European session and is nearly 1% up. Overnight the $27/oz level was defended after some selling pressure over the last couple of days the bulls managed to hold the zone. 

Looking a the 1-hour futures chart below the key feature is the bull flag pattern. At the moment, the top of the structure is acting as a resistance zone. If the pattern does break then the next level on the way up could be the high volume node (HVN) at $27.50/oz. The main target for the bulls could be the wave high on the chart at $28.02/oz. 

On the downside, the rejection of the low volume node (LVN) is clear to see at $26.75/oz. Below that, the $26/oz is an area where the price spent soo much time earlier on last month. Now we have had a solid break out it is hard to see the price getting there in the short term. 

On one positive note, the volume has been higher on the moves up than it has been on the bearish moves. This is an obvious sign that the bulls are in control and another is the fact that the price waves have made a higher high and higher low. 



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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