Joining the Silver Uptrend at the 100 SMA

Silver is finding support at the 100 SMA, so we decided to go long

Skerdian Meta•Thursday, February 25, 2021•1 min read

Silver has seen some interesting times in recent weeks. It surged from around $ 25, above $ 30 at the end of January, after the Reddit crowd that is fighting Wall Street turned to Silver, sending it surging higher, since there were some big names short on Silver.

I don’t know if there was some victim this time, like Melvin Capital, which had around $ 8 billion under management but bankrupted, after being short on GameStop shares. The jump in SILVER ended once the price climbed above $ 40, indicating that there was some stop hunting going on, for those who had placed stop loss order just above $ 30 in Silver.

Although, the bullish trend continues, but the pace has slowed. Moving averages are helping push the trend higher, providing support during pullbacks lower. Earlier today we saw another retracer lower, but the 100 SMA (green) seems to have provided support, so we decided to go long on Silver, hoping that the bullish trend continues.

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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.