Big week for silver โ closed $80.93, up +6.45% on the week. But before you get too excited, here’s what the charts are saying.
THE HONEST TA: โ Close above $80 AND 55DMA โ called it last week โ ๏ธ Daily volume only ~60% of what I want for confirmation Still reading 50-50, maybe 60-40 in favor of higher prices Weekly still a bear flag inside a larger potential bull flag Approaching upper resistance of that flag right now
๐ฅ SILVER โ Key levels next week: – Support: $79.97 / $77.80 / $77.30 / $75 – Resistance: $82 / $83.24 / $85 – Need: volume confirmation, DXY rejection, GSR break <59
๐ฅ GOLD: – Closed below 55SMA โ mild concern – Support: $4,798 / $4,743 / $4,717 – Resistance: $4,900 / $4,917 / $5,000 – Wanted close above $4,900 โ didn’t get it
๐ GSR at ~59.7 โ holding 90%+ of SLV position Trimmed lightly above $74-75. Bottom looks in on GSR posture.
WHAT I NEED TO TURN FULLY BULLISH: โ Silver closes AND holds above $82 โ Volume picks up above daily average โ DXY continues lower โ GSR breaks below 58
Until then โ cautiously optimistic. Structure setting up, not confirmed yet.
Not financial advice. โ
submitted by /u/PoetOfLight
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