Silver is testing the long-term bull flag
What is happening with the Silver? We are seeing the MONTHLY January candle continuation after the bounce off 22. Does this mean that Silver is heading higher? Should you be building the buying position…If we look at the monthly chart we can see that the Silver is facing a strong upside resistance of 27.60 which is just shy of the Year high of 27.93.
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At this point we can’t rule out a violent price action around the 27.27.50 zone we are testing now as this is exactly the strong RESISTANCE for an upside continuation. At the moment a sustained break above this zone will be a clear indicator that the recent downside reversal is invalid. We can see that clearly on the weekly chart below. The latest weekly price action is indicating a squeeze zone consolidation which has to be broken for an extreme upside swing to 36.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.