Silver has been a tough market to watch, offering little in the way of a pullback as it surged to fresh record highs. As impressive as the move has been, trends like this inevitably roll over at some point — and we may have just seen an important first step from bears.
Today’s bearish range is already around 8% and looks set to close with at least a bearish outside day, with the potential for a bearish engulfing candle.
The 1-hour chart shows a clean break of the bullish trendline. While prices are now curling higher after a period of consolidation, several resistance levels loom — including the monthly pivot point, the broken trendline, and the $90 handle.
Bears could look to fade rallies into these resistance zones, in anticipation of another leg lower.
Matt Simpson, Market Analyst at City Index
Today’s bearish range is already around 8% and looks set to close with at least a bearish outside day, with the potential for a bearish engulfing candle.
The 1-hour chart shows a clean break of the bullish trendline. While prices are now curling higher after a period of consolidation, several resistance levels loom — including the monthly pivot point, the broken trendline, and the $90 handle.
Bears could look to fade rallies into these resistance zones, in anticipation of another leg lower.
Matt Simpson, Market Analyst at City Index
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Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.