Silver closed this week with a bullish statement on the daily and on the weekly frames. Will it have enough power to continue? Let’s evaluate from the different perspectives.
Last week, silver printed a strong Bullish Engulfing and shifted the odds from the dark side. This week, as expected, the higher prices and the metal closed the week with another green candle just above the 8 EMA line.
The majority of indicators support the move higher. If silver makes another green candle and climbs above 20 EMA, there is a good chance that this rally is a mid-term one.
There are several concerns that prevent me from turning very bullish and they are discussed in the following sections below.
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