Buying Silver at the 100 SMA Again Today

Silver has been finding support at the 100 SMA, which is pushing it higher

Skerdian Meta•Wednesday, February 17, 2021•1 min read

The bullish trend continues on the H4 chart

Silver has seen some interesting times recently. This metal came into focus when it drew the attention of the crowd that was responsible for turning GameStop shares extremely bullish, killing one of the big hedge fund names in the process, as they were betting against GameStop.

They used the same scenario that hedge funds use – only they altered it a bit, as if to say “we can stay stupid longer than you can stay solvent”. After that, they turned their attention to silver, which surged from below $ 25 to $ 30.

The price returned down to $ 26 after the surge, but moving averages held as support, and silver has been on a bullish trend since last week. MAs have been working well as support, and today we decided to go long on SILVER at the 100 SMA (green) on the H4 chart. We bought below $ 27, and now the price is reversing back up, so we are holding onto this trade.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.