Silver top-down Tradingview analysis

 

In this article, we will take a look at the Silver

On the monthly chart, we can see that the instrument is reaching the 88.6% of 2008-2010 swing higher 11.800 level. A bounce from here is required for an upside reversal after the recent flash crash from 17 to 12.

 

On a weekly chart, we can see that the falling rectangle has to shape up and the key level for the bounce or downside continuation to 10 is 12. If we get a daily confirmed close below 12 the selling will accelerate and continue. A bounce from here is needed for the reversal higher and a test of 15 level.

 

 

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On a daily chart, we can see that the instrument is bouncing off the previously mentioned 12 level. This level should hold for an upside reversal. This is giving you a chance of a good risk to reward long trade entry. Long trade entries should have a stop loss below 11.50 at least and targeting 15.

 

 

We have used the combination of the top-down trading analysis to get these key levels explained in the charts.

 

Happy trading! (click on the chart to enlarge it)

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