Tackle Today: Why SLV Made the Scouting Report
April 10, 2023
The third dimension
Traders,
A weakening dollar and the threat of a recession are driving precious metals to the moon. Gold stocks have previously made an appearance in our Scouting Reports. This time it was silver’s turn. Let’s break down why SLV made the cut.
- It’s an uptrend above a rising 9, 20, 50, and 200-day moving average.
- The momentum of the uptrend increased during its last upswing.
- Prices breached old resistance at $22.50, sending silver to its highest level since last April.
- Volume swelled, validating the breakout and suggesting institutions supported the move.
- Rather than aggressively retreat after last Tuesday’s breakout bar, the price consolidated to form a high base at the top.
- While we might need a few more days of pause for the 9 EMA to catch up, this trend-continuation pattern is worthy of our attention.
A trigger over the top ($23) makes sense for now. Though, we could see the pattern morph into a pullback giving spectators a dip buying opportunity.
Chart of the Day: Silver (SLV)
No trigger so far this morning. That’s fine. After last week’s launch, some additional backing and filling would be healthy.
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