Silver (SI) Trying to Form Double Bottom with September Low

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Silver (SI) saw some profittaking yesterday after 4 straight green daily candles, but remains on track for potentially forming a Double Bottom (on the weekly chart), with the November low only slightly lower than the September low. Before bulls become too aggressive, they'll want to see SI break above the slightly downsloping downchannel resistance (on the daily chart), and more importantly, the psychologically key 15 whole figure level. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating, although with the 4hr equivalents still drooping down, SI could see a bit more weakness today before rebounding tomorrow. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Silver (SI) Weekly/Daily/4hr

SI (Silver) Technical Analysis

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