Silver futures seem ready to take the next step to enter into a Bullish Flag Pattern. After moving into a Bullish Channel since July 10 and touching the lowest point, a quick reversal on the same day, confirmed the solidarity of the move in the daily chart and confirms the occurrence of an up move ahead. I sensed this pattern in advance and noted it in my analysis, but readers hardly wanted to believe this due to growing volatility in precious metals. No doubt, the Silver futures price dipped all of a sudden on July 10, 2017 after my appearance of my analysis but the reversal in a daily was evident enough to form a Bullish Hammer which confirmed my phenomenon of the beginning of an uptrend ahead.
On analysis of the movement of Silver futures price since the beginning of its uptrend, inside a “Bullish Channel” till August 1st, 2017, I find this bullish voyage still has a long way to go ahead. I find many supporting factors in the current scenario to make the continuity of this Bullish Voyage more prudent amid growing geopolitical concerns and investors’ hope to seek the safest heaven before their fellow beings.
Second solid factor seems to be the hopes of Bears which have been crushed and the Bears are forced to cover their shorts. Once the bullish move brings the price above the levels of $17.281, second phase of shorts covering will definitely be helping the Bulls to take the command in their hands, and finally the Silver futures price will able to make sustainable moves inside a “Bullish Flag Zone” to attain new heights.
Have a Nice Trading Time.
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