Silver Moving Sideways

Silver is trading sideways today as it has been doing for the last three months. Currently, the precious metal is trading at 15.50 as it has consolidated in the range of 15.70 to 15.20. No major news are expected this week except manufacturing production, but this most likely will not have a direct and significant impact on the pair.

Silver needs to break either side of the consolidation before we can conclude a definite move. Short term trend is bearish to neutral while on the long term silver is performing in the negative territory, gravitating towards a one year low at 15.10.

In light of this, 15.10 is seen as major support to the downside and a good long entry, while resistance on the short term is seen at 15.70, which is the upped end of the consolidation pattern.

Chart: XAG/USD H4