Silver had been on a downtrend for two weeks before hitting its pivot low on 5/18/23 and
reversing. The Hull suite indicator has changed from red to green while the zero lag MACD
indicator bounced on the zero line and is now uptrending. Importantly, on the way down
price dropped quickly through a low volume area of the volume profile marked out on the
the two hour chart. This area had the highest bearish momentum meaning the most negative
price action over the least time. If price can regain $ 24.25, the inverse could occur being
a burst of bullish momentum propelling the price through the low volume area described.
Contributing to this could be a squeeze if those who are short liquidate and buy to cover.
Finally, the predictive algo Echo indicator suggests a rise in price to begin the trading week
up to but bouncing down from that $24.25 target being the bottom of the volume void.
I will place a long trade with the target in mind. If price can break it, I expect an explosive
move perhaps equal and opposite to the 4% downward move earier this week. Also
contemplated are equity trades in SLV. AGQ and ZSL depending on the price progress underway.
reversing. The Hull suite indicator has changed from red to green while the zero lag MACD
indicator bounced on the zero line and is now uptrending. Importantly, on the way down
price dropped quickly through a low volume area of the volume profile marked out on the
the two hour chart. This area had the highest bearish momentum meaning the most negative
price action over the least time. If price can regain $ 24.25, the inverse could occur being
a burst of bullish momentum propelling the price through the low volume area described.
Contributing to this could be a squeeze if those who are short liquidate and buy to cover.
Finally, the predictive algo Echo indicator suggests a rise in price to begin the trading week
up to but bouncing down from that $24.25 target being the bottom of the volume void.
I will place a long trade with the target in mind. If price can break it, I expect an explosive
move perhaps equal and opposite to the 4% downward move earier this week. Also
contemplated are equity trades in SLV. AGQ and ZSL depending on the price progress underway.