Silver Technical Analysis
Updated
FxNews—Silver is trading in a bull market, above the 100-period simple moving average, while the Stochastic indicator signals an oversold condition. This provides a solid bid for bulls to enter the market.
Immediate resistance rests at $33.10. The uptrend will likely resume if bulls close above this level. If this scenario unfolds, the next bullish target could be the October 21 high of $34.25.
Please note that a break below the immediate support at $33.35 would invalidate the bullish outlook.
Immediate resistance rests at $33.10. The uptrend will likely resume if bulls close above this level. If this scenario unfolds, the next bullish target could be the October 21 high of $34.25.
Please note that a break below the immediate support at $33.35 would invalidate the bullish outlook.
Note
Silver holds steady above $32.35. If bulls close above the $33.1 immediate resistance, a new bullish wave could emerge, targeting $34.25.Order cancelled
Silver bulls did not close above the $32.35 immediate resistance, causing XAG/USD to form a sharp decline.
The bullish strategy was canceled and was never triggered.
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