Cycle Trading

After peaking in early May, silver retraced back down to the 50 day MA.

While silver closed below the 50 day MA last week, it managed to find support at the 29 level. Silver closed back above both the 50 day MA and the 10 day MA on Friday. Silver then closed higher again Monday and Tuesday — testing the declining trend line. Silver is currently in a daily uptrend. A bullish break out of consolidation will indicate a continuation of its daily uptrend and signal a cycle band buy signal.