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On the daily chart, the price which is moving higher has broken above the last high and has created higher highs based on the MACD indicator which is a sign of gaining momentum towards the bullish side. Currently it looks like a correction is happening and also we have a strong support zone formed based on the volume profile zones of the KTLI indicator and the price which is moving lower has reached this zone and is holding in it. Also, currently there are no signs opposing this short term bullish view. We may now move down to lower timeframe and see if we can find evidences supporting this short term bullish view.
On the H4 chart, we have a strong bullish momentum and also currently it looks like a correction is happening. So everything looks good for the bulls here as well. In addition to this, we have two key support zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until both these key support zones shown in the image below (marked in yellow) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
Silver D1(Daily) Chart Analysis
Silver H4(4 Hours) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team
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