Silver beat strong resistance at 6290/6320 for a buy signal targeting 6490/6520.
We made a high for the day exactly here.
Silver then collapsed to the support level at 6320/6300 (posted in the Telegram group) and made a low of the downside correction here.
There was a small recovery to 6369 by the close.
It is entirely possible that we just range in between strong support at 6310/6290 and Friday’s high at 6490/6520, throughout Monday’s session.
However, a break below 6250 risks a slide to 6190/75.
I’m going to stick with my strategy of buying at support levels, expecting that silver has resumed the longer-term bull trend.
However, longs need stops below 6160.
The 6490/6520 level is not a resistance to me, We just happened to hit this target and reverse on Friday. So a short position would be risky here on Monday.
However, a break above 6535 should be a buy signal targeting 6575/90 & even 6650/6670 is possible.
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