The primary trend (weekly TF) of Silver turned bearish since the beginning of the year.
On a daily chart, silver is forming a cup & handle pattern, and prices are testing a confluence of resistance while trending within the handle of the pattern:
1. The upper zone of he handle
2. The fib level 0.236 (67.30) - this level is acting as strong resistance as prices failed to give a higher close since Aug 31.
RSI is also forming a bearish divergence with the prices.
Overall, prices are expected to decline at least till the EMA cluster (~65.30) or lower towards the lower territory of the handle near fib level 0.5 (63.00)
Alternative Scenario:
- The prices recently rose, taking support of the fib level 0.50 (63.00), and rose above the EMA cluster.
- But only a breakout above the fib level 0.236 (67.30) and above the handle will decisively drive prices to higher resistance levels
On a daily chart, silver is forming a cup & handle pattern, and prices are testing a confluence of resistance while trending within the handle of the pattern:
1. The upper zone of he handle
2. The fib level 0.236 (67.30) - this level is acting as strong resistance as prices failed to give a higher close since Aug 31.
RSI is also forming a bearish divergence with the prices.
Overall, prices are expected to decline at least till the EMA cluster (~65.30) or lower towards the lower territory of the handle near fib level 0.5 (63.00)
Alternative Scenario:
- The prices recently rose, taking support of the fib level 0.50 (63.00), and rose above the EMA cluster.
- But only a breakout above the fib level 0.236 (67.30) and above the handle will decisively drive prices to higher resistance levels
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.