Silver (SI) soared a massive 6% plus yesterday, breaking above descending wedge resistance (on the daily chart). Significantly, SI has reclaimed the 38.2% Fib retrace of the March to August rally, and is showing early signs of trying to halt the strong profittaking since the August peak. Before bulls get excited, they'll want to see SI reclaim the November high and weekly chart upchannel support. A deeper consolidation after yesterday's powerful gains can be expected today following Powell's comments at 10am EST, and certainly following Friday's highly anticipated US Non-Farm Payrolls (NFP). Congratulations to readers who heeded the warning August 5th of SI's overbought conditions. Apart from the weekly MACD which still slopes down, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at entering 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).
Silver (SI) Weekly/Daily/4hr
Bitcoin (BTCUSD) has seen healthy consolidation this past week after the massive near 100% run from the September low to last week's peak (near the 2017 record high). Get the latest Bitcoin biweekly commentary (published Dec 1) with ICE Futures Singapore.
Date: Postponed to Jan 7th 10am EST
Host: Interactive Brokers
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