Silver has formed a double top at 54.38/37 [Video]

Carol Harmer Charmer Trading

Silver has formed a double top at 54.38/37.

Downside room extends to the 50/55‑day moving average @ 48.53.
A break of that support opens the door to a retest of the lows at 45.45.
Daily indicators remain neutral, but the weekly charts are diverging and flashing a sell signal.
The weekly 9‑period M/A continues to cap downside attempts — worth watching closely.

Positioning:

I’ve exited 3/4 of my physical silver (bought at 23.00 in 2020 — the joy of knowing a jeweller from 40 years ago). But I’m not convinced silver has topped longer term.

The psychology angle

Patience is the trader’s greatest asset.
Yet 99% of traders don’t have it.
Learning patience will be beneficial in the end — more than any single chart pattern or indicator.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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