You can see on the daily chart below the previous tight range of 19-20 as silver reflected a weak trending market. Currently you can see with ADX at 41 and DI Differential ay 29.52 this is a strong trending market. MACD is bullish adding divergence above the signal line and Stochastics are now in deep overbought territory. On the daily chart you can see my green technical trade set-up as DI Differential dropped below 5 and as DI+ crossed over DI-. MACD crossed up over the signal line and Stochastics started correcting from oversold territory.
Click to enlarge.
Now on the weekly chart you can see ADX is dropping showing the previous extremely strong trend is weakening. It looks as if the drop has slowed and DI+ is now over DI- reflecting a possible change to trend if ADX numbers start rising. Stochastics are now on the high end of mid-range.
Have a prosperous trading week.
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