Silver approaching an important S/R pivot point.

28 de ago. de 2019

Gold and Silver have been on a strong rally following some concerns in the market and with a potential recession on the horizon. Silver is up about 30-35% off of the 2018 lows, and is currently approaching a historically important zone of control between 18.8-21. We can see this level acted as a major resistance level after the market crash in 2008, and twice more in 2009/2010. Later in 2010, price crushed through this zone and ran to new ATH's, before eventually pulling back to test this 18.8-21 level as new support, and sure enough, it held 3 times before eventually breaking in late 2014. In July of 2016, we made another run at this level and were rejected. The gist of all this is to say this 18.8-21 level holds a lot of historical significance, and has been a critical pivot point of support and resistance for the last 10-11 years.

MA Guide (All Weekly for this chart):
20 MA in Purple.
50 MA in Green.
100 MA in Yellow.
200 MA in Red.

What to watch for:
Bull-case: Break above with conviction above this zone into a bullish S/R flip.
Bear-case: Rejection at this level with conviction before a pull back to the daily MA's and or the weekly MA's.

I also just opened my own free telegram channel for those interested (I post my thoughts on the market in there frequently): t.me/joinchat/AAAAAFInF0WGGqFKra......

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