SILVER 06.06.2019 – possible continuation of growth?
SILVER after reaching the maximum level of 16.21 $/oz in February this year was systematically losing its value until the end of May when the minimum was set for this year at 14.26.
After reaching the minimum, the next daily candles were within the range of the last bearish, creating the Inside Bar pattern.
On Monday the price left the IB high and everything points to further northward movement. Yesterday’s daily candle had the shape of a bearish pin bar, but since it is not at any important level, in my opinion, it is not a signal for a downward trend.
On chart H1 we can determine the likely demand and supply targets, i.e. the levels in which the price of silver can move during the next sessions.
In the event that the demand was to gain advantage and the correction would continue, the price could reach the level of 15.05, where there is quite a strong resistance. However, if the supply were to win, 14.70 may be the decisive factor in determining whether the correction will be completed and the price will go south.
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