COULD SILVER BE BULLISH THIS MONTH?

In this week’s newsletter we are going to look at the price of Silver as the commodity approaches a bullish seasonal period.

First, looking at the seasonal data we can see that the price typically forms a low at the end of June start of July and rallies significantly until the start of August. This allows us to look for potential opportunities on the market.

Currently the price has formed a bullish engulfing candle at a previous support zone showing us that a reversal could be likely. The resistance will be back at the weekly highs around $28.00 where we saw a significant drop before.

Going into the 4hr timeframe we can see that the price is consolidating however, if the price breaks out of this zone and re-tests forming bullish price action, we can look for a long opportunity in line with the seasonal bias.

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