{"id":60607,"date":"2014-09-19T03:17:33","date_gmt":"2014-09-19T07:17:33","guid":{"rendered":"http:\/\/countingpips.com\/?p=60607"},"modified":"2014-09-19T07:21:02","modified_gmt":"2014-09-19T11:21:02","slug":"silver-lining-up-for-a-break-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/silver-lining-up-for-a-break-higher\/","title":{"rendered":"SILVER Lining Up For A Break Higher"},"content":{"rendered":"
September 19, 2014<\/div>
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Visit our website \u2013 Ikofx<\/a><\/strong><\/em><\/p>\n

The US dollar surged higher recently, and as a result the precious metals such as SILVER and GOLD also took a hit. SILVER traded lower towards the $18.20 support area, and currently trying to recover some ground. The US initial jobless claims data surprised to the downside, but the Philadelphia Fed manufacturing index registered a decline. The US dollar traded a touch lower after the release. SILVER too has managed to gain bids intraday, but it faces a monster resistance on the way up. If it succeeds in clearing the $18.60 level, then there is a chance that it might surge higher in the short term. There is no major economic release in the US today, so the market might be mostly driven by the sentiment.<\/p>\n

There is a possibility that SILVER might be forming an inverse head and shoulders pattern on the hourly chart. There is also a bearish trend line, which is sitting right around the neckline of the pattern. Moreover, the 50% fib retracement level of the last move from the $18.88 high to $18.28 and the 100 hourly moving average are also sitting around the mentioned resistance zone. So, if the white metal buyers manage to break the $18.60 level, and close above it, then it might be considered as a bullish sign. In that situation, SILVER might climb towards the 200 moving average.<\/p>\n

\"SILVER<\/a><\/p>\n

On the downside, shoulder support is around the $18.40 level. If SIVLER breaks it, then it would invalidate the pattern and call for more loses towards the last low of $18.28.<\/p>\n

Overall, buying with a break above the $18.60 might be considered as long as the pattern is valid.<\/p>\n

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Visit our website \u2013 Ikofx The US dollar surged higher recently, and as a result the precious metals such as SILVER and GOLD also took a hit. SILVER traded lower towards the $18.20 support area, and currently trying to recover some ground. The US initial jobless claims data surprised to the downside, but the Philadelphia […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-60607","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=60607"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60607\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=60607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=60607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=60607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}