Silver is trading higher in today's session after a minor loss posted
yesterday. The precious metal has been on a winning streak since the
end of December and is currently facing resistance in the face of 17.30.
Main trend on the short-term remains bullish and if we get passed that
17.30 level we might see a continuation of the upward move with a
renewed momentum.
If, however, bears succeed in bringing the price down at current levels, market participants might witness another move down to a probable first target of 16.23 and major bear target of 15.60.
Bulls will need a strong buy signal to get passed, while bears will only need lack of any signal to buy. The long-term trend looks optimistic so it's more likely that we could see a move to the upside to a major target at 17.60.
If, however, bears succeed in bringing the price down at current levels, market participants might witness another move down to a probable first target of 16.23 and major bear target of 15.60.
Bulls will need a strong buy signal to get passed, while bears will only need lack of any signal to buy. The long-term trend looks optimistic so it's more likely that we could see a move to the upside to a major target at 17.60.
Chart: XAG/USD D1
It will likely continue rising.
ReplyDeleteIt just reached 17.60.
ReplyDeleteBut down trend still in place.
ReplyDeleteVery helpful analysis!
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteThank you for the relevant information.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDelete