Heads up this morning for a potential rally near-term. Silver is challenging a significant overhead lateral resistance & Fibonacci level this morning in the futures and spot market. Today’s price action has nothing to do with Robinhood dreamer activity in $SLV, a mining stock, or any related derivatives. Gold is having a shallow rally but remains stuck on the 50 EMA daily for seven trading sessions in a row. Silver’s DMI-ADX is not setup yet with a bullish Alligator Tongue and the StochRSI is already in overbought territory.
Stay on your toes as we are deep in the middle of the winter seasonality pattern, that more often than not, is when the precious metals gain the most during the year. Here is the Silver Spot Daily Chart as of Jan. 29, 2021, 7:45am EST.
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