Silver Analysis August 2015 (D)
Created on Saturday, 01 August 2015 02:33
Written by Austin Galt
Silver looks to have turned up without breaking to new yearly lows. Let’s quickly check out the action on the daily chart.
SILVER DAILY CHART
The recent low at $14.33 held just above the 2014 low of $14.15.
This low was accompanied by a quadruple bullish divergence in the RSI while both the Stochastic and MACD indicators have now turned bullish.
The PSAR indicator now has a bullish bias after price busted the dots on the upside. It would not surprise to see price come down to test the support from the dots which are now on the downside.
The Bollinger Bands show price is now at the middle band and I suspect price will nudge back down to the lower band one last time before the next bull trend gets underway.
Summing up, a new bull trend looks in its infancy and from previous analysis we are looking for a rally that will potentially see a rise of around 50% in price from current levels.