Spot Silver has been in a general downtrend albeit it with a short rally.
On the weekly chart the context of the rise in the stochastic RSI to over 60
and the MACD approaching a K and D line touch as well as the print
of a weekly candle as a red Doji after the recent federal minutes release
and another federal calendar event on 8/22 I will take a short on spot silver.
The stop loss will above the POC of the high volume area on the profile
or $20.2 for a $0.4 less while the target will be just above the recent
market low on July 11th at $18.15 ( green horizontal) for a profit of
$1.65 per . This makes for a reward to risk of about 4.
On the weekly chart the context of the rise in the stochastic RSI to over 60
and the MACD approaching a K and D line touch as well as the print
of a weekly candle as a red Doji after the recent federal minutes release
and another federal calendar event on 8/22 I will take a short on spot silver.
The stop loss will above the POC of the high volume area on the profile
or $20.2 for a $0.4 less while the target will be just above the recent
market low on July 11th at $18.15 ( green horizontal) for a profit of
$1.65 per . This makes for a reward to risk of about 4.