Silver - Bearish Pressure
Structure:
(-) Rejection of $28 resistance, resulting in a bearish breakdown from upward channel
(+) Breakout above the consolidating triangle after hard drop
(+/-) No trend - lower low, higher high
(-) Negative bias under 18 MA
(+) Strong support at 200 MA
(-) Approaching resistance @ $26.50 with 100 MA and 18 MA
(-) Looming bearish cross of 18 MA under 100 MA
Indicators:
(-) Bearish embedded, but momentum pointing up and may lose embedded reading
Macro:
(-) Strong Dollar
(-) Rotation out of commodities
(-) Risk aversion came out of the market
(?) Friday jobs report
Target:
1st target $25.00
2nd target $23.80
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.