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Commodity
by Seth Parker on December 31, 2018

Silver Analysis – On the way to 16.2 USD/oz

Last day of the 2018. Time, when we can summarize our activity over this year. Our efficiency, and the quality of our predictions. If you follow us long enough, I am absolutely sure that your opinion about our work is good. We do not want to make it too sweet and wonderful so in this piece we will write about the Silver, where our previous piece was an absolute disaster. Previously, Silver was mentioned here on the 14th of November, when the price was on the local lows with a significant bearish momentum:

„On the 9th of November, Silver managed to break the lower line of the triangle (red) and than the horizontal support on the 14.25 USD/oz (green). That allowed the price to set the new long-term lows. Silver is in a much worse situation than Gold. Here, the direction is already set. „

silver chart

What happened here is that we said that the Silver should go down exactly, when we got a bullish reversal. 14th of November was an exact bottom and since that, the price went higher. From the technical point of view, the rise is caused by the double bottom formation and the breakout of the horizontal resistance on the 14.85 USD/oz (purple). The current target is the 16,2 USD/oz (blue), which was a crucial support since February till June. Chances that we will get there are pretty high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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