Looking to Buy Silver Again, After Booking Profit on Yesterday’s Signal

Silver is finding support at the 100 SMA again today

Skerdian Meta•Thursday, February 18, 2021•1 min read

Will silver bounce off the 100 SMA again today?

Yesterday we opened a buy forex signal in silver, as safe havens were slipping lower. GOLD was leading the way, while the decline in silver was smaller. Silver has been bullish, particularly after the GameStop crowd turned to SILVER earlier this month, sending it above $ 30.

It retreated lower after that, but the 100 SMA (green) held as support and that moving average has been pushing the price higher since then. We decided to take a short at this moving average yesterday, while this morning, the price hit our take profit target after bouncing higher.

Although, the price has returned back down to this moving average on the H4 chart again today, which is holding once again. So, we are considering opening another buy silver signal today, at the 100 SMA, but we are observing the price action right now before making the decision.

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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.