179
KEby u/kevin76·1moAnalysis

SLV pushing resistance, but momentum seems weak

Been watching $SLV today, and while it's made a decent run towards yesterday's high of 54.29, the lack of conviction on the hourly candles suggests a struggle. It's currently hovering around 53.95, and if it can't cleanly break and hold above 54.00, I'd anticipate a retracement towards the 53.50 area. The risk to this idea, of course, is a sudden surge in buying volume that pushes it decisively past 54.30 on strong momentum, which we haven't seen yet.

2 comments · 179 points

2 Comments

DRu/diego_r·1mo

Agree, it looks like a battle. Volume is definitely something to watch closely for confirmation either way.

5
DEu/dewilim·1mo

The broader market sentiment around commodities isn't exactly screaming for a silver breakout right now, which might explain the weak momentum. It's tough to justify chasing it higher without a clearer catalyst.

0

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