Silver (SI) is consolidating in today's Asia morning as it tests the 38.2% Fib retrace of the December rally. If SI breaks below triangle support (on the 4hr chart), SI will likely quickly slide to the psychologically key 15 whole figure level, coinciding with the 50% Fib retrace of the December rally. The weekly RSI and Stochastics sloping down slightly, together with the steadily downsloping daily MACD are at odds with the still upward sloping weekly MACD and the bottomish daily RSI and Stochastics. If SI manages to break above triangle resistance (on the 4hr chart), expect the daily MACD green line to quickly flatten and draw in bulls. I am looking to enter long in the green zone (of the daily chart), and am targeting the red zone for early next week. 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
Visit https://tradablepatterns.com for today's technical analysis on Natural Gas, Wheat