Silver Chart Analysis for October 16, 2019

A Look at the Price Action of Silver

By John Toporowski

A local broker contacted me to take a look at silver and here is a weekly chart for it.  Best guess is more sideways trade within the defined range of $14 – $19.  Trend momentum and MACD both slightly positive.  Massive positive volume failed to lift the price over $19.

This can be viewed two ways:

1. The negative view is that record up volume did not impact price as one would have expected; ie. a more sustained push over $19.

2. The positive view is that any overhead resistance below the important $19 support/resistance level has gone from weak hands to strong hands and further buying interest can have a more positive effect on price.

Take a look:

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