Silver Powers Ahead For the Month Of July

Russell Shor, CFTe, MFTA FXCM

Silver has moved up substantially over the month. The current close of the candle is very near its high and the range of the candle is long. This implies bullish emotion and strength. We do concede, that the candle is still to complete and, in order to do, must traverse the Fed rate announcement and statement on 31 July. However, price has charted a higher trough (HT) followed by a higher peak (HP), which is the classical definition of an uptrend. It is also worth noting that silver has outperformed gold for most of the month of July (the monthly candles are still to complete).

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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