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Silver weekly gravestone breaks December high

Silver (SI) edged nearly 1% lower Friday with its daily Gravestone getting rejected after forming a fresh 2025 high.  The bigger picture is of SI digesting the strong January gains as seen in the February Doji forming as part of the advanced stages of a Bull Flag consolidation that began in November.  Catalysts for further profittaking may arrive as early as Tuesday with Trump’s comments and Wednesday with the FOMC meeting minutes.  Odds increase for firming by Thursday with the US unemployment claims and Friday with the US Flash manufacturing and services PMI. The bottomish or consolidating weekly RSI, Stochastics and MACD are weighed on by the tiring from overbought level weekly Stochastics.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). 

Weekly/daily/4hr

Author

Darren Chu, CFA

Darren Chu, CFA

Tradable Patterns

Darren Chu, CFA, ex-Intercontinental Exchange | NYSE Liffe, TMX Group, CMC Markets, is the founder of Tradable Patterns – a publisher of futures/FX technical analysis on Bloomberg, LSEG (Refinitiv) and Factset.

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