Silver day trading
Silver Day trading resistance coming. Silver day trading course.
Today we hit the 50MA on the daily chart and Silver Day traders are watching this area to see if buyers have enough commitment to head to the next area of resistance.
Silver broke out from consolidation.
The consolidation zone occured from $34 to $35.50 and we broke through this area yesterday when silver buyers stepped in to move the market up.
We have first resistance at $38, on the 50MA and watching for a move up to $39 with maybe some consolidation. The next area of resistance is $42 then $44.
This target area could take a while, if we have price failure on this move up, then we could see more volatility and maybe a test of the bottom.
Remember, all stops are seen so Market Makers are watching for opportunities to take advantage of this.
I am posting last weeks charts.
Day trading silver, resistance here, be aware
Take a look at the areas we pointed out and compare them to where we are today.
Possibility of a lower high and another sell off?
We shall see.
Day trading Silver, Silver Day trading course price action
The Silver market is known as one of the most volatile around. Price can move very quickly shooting many traders and investors stops.
Silver price action and the silver markets trading tips.
Point of control on the daily is $39. The sellers are still in control. Will discuss that later this week on an intraday chart. The support is coming in at 32-34. We are consolidating presently 34 to 34 range and looking for a break out from 35.50 on the top side and 34 on the short side.
If silver breaks to the topside this week and past 36. the next area of asuppor twill be 39 then 42. I would watch for consolidation in this area.
We do have a supporting trend line on the weekly chart that could keep us in this range but if the sellers decide to take out the buyers at this level we could see $27-30 in the short run as the sellers run some stops.
This would take us to the supporting 50MA.
Remember most people were not expecting silver to have so much momentum on the move to $50. The CME’s increase on Margin coupled with this volatile almost capitulatory buying spree at $50 led the sell off in Silver.
Many people are now using their gold holdings to buy into silver at these levels. If they are buying physical, that is great but if they are doing it with ETF’s they could be digging their own grave. Watch out as we will start to see more states charging taxes on silver and gold in order to keep people in paper.
