Silver bouncing down from the channel high?
Updated
Stochastic showing overbought conditions for quite some time on the daily chart.
We have seen this retracement down many times before, it acts as a strong resistance.
The 4-hour chart helps navigate the shorter-term direction with an immediate hurdle at around $22.56, which can be used for early exits.
The longer term target could be at around $22.10, which is the zone we also visited many times before.
We have seen this retracement down many times before, it acts as a strong resistance.
The 4-hour chart helps navigate the shorter-term direction with an immediate hurdle at around $22.56, which can be used for early exits.
The longer term target could be at around $22.10, which is the zone we also visited many times before.
Trade closed: stop reached
Silver will react from the next resistance point at around $24.2, which has shown to be more reliable in the past.
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