Silver's price action formed a long white candle in the last session. This is an affirmation of the breaking of resistance five sessions before as the 20dMA was broken. Silver has been trading above the 20dMA for three sessions now.
The 20dMA is a likely resistance turned support. So, for anyone who would like to buy at support, the 20dMA at US$39.90 an ounce is the price to watch for now.
RSI is rising but is not overbought yet. The MACD has formed a higher low and has just completed a bullish crossover in positive territory. Momentum is positive and we could see silver's price going higher in the meantime.
I wonder if silver could test the high achieved in late April earlier this year once more. If it does, I would probably divest some of my investment in the metal.
To anyone who bought more silver based on technical analyses in my last couple of blog posts, congratulations!
Related post:
Closing above the 100dMA.
10 comments:
Volumes on silver on 19 Aug havent been that great. Could it have been a short covering price action once 39.9 was broken on the upside.
Hi Sim,
It could have been the case which is why the more cautious would wait for the 20dMA at $39.90 to be tested again as support before entering. ;)
The beauty of TA is that nothing is for sure and everything is just about probability. ;)
UOB ran out of 1 oz gold coins.
I do not know when they will bring in more 1 oz coins.
Ruttger.
Hi Ruttger,
I was just in UOB Raffles Place earlier today to attend to some business. I usually call them before I visit if I am interested in getting some physical gold. They do run out of stock sometimes but, not to worry, they will bring in new stock. :)
Hello
Uob has 1oz gold coins again. Customers have sold their coins back to the bank.
Ruttger.
Hi Ruttger,
Thanks for the update. I am not getting more at this level. I could be interested again if price were to correct another 10% or so. ;)
Hi,
I'm very new at gols silver investing in singapore, possible to buy you lunch to learn more about investing in gold/si
Ver?
Alvin
98768998
Hi Alvin,
I share freely my analyses in this blog and another blog, ASSI. The link is found in the right sidebar. I doubt I have left out much.
So, there is no need for a meeting but thank you for the offer. :)
Just curious is the Gold Coin spread large enough to do trading from recent upside ?
Hi Cory,
I buy physical gold as a hedge against inflation. I never thought of trading it. So, the 7% GST and 3% spread is acceptable to me at the UOB Gold counter.
Of course, the fact that I started buying gold coins when gold was trading at US$800+ per ounce means that I could sell my coins for some capital gain now if I choose to do so. :)
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