Daily Timeframe.
Following a 15.0% gain in March, MTD, April is 5.0% higher. The question, therefore, is whether bulls have enough gas in the tank to take on higher levels after refreshing YTD pinnacles on Friday just north of $26.00.
Regarding trend direction, it is plain to see that there is a clear upside bias in this market right now. However, while the trend faces northbound and we’re crossing swords with yearly highs, resistance made a show at the tail end of last week at $25.85, and Friday snapped a three-day winning streak by way of a dominant bearish outside day. Adding to this, I see that the upper Bollinger Band (2 standard deviations) put in an appearance, and the Relative Strength Index (RSI) recorded an overbought signal.
As you can see, to the downside, a daily decision point at $24.56-$25.00 resides nearby, which will be a key watch for me this week. Recoiling from the noted zone would tell me that buyers remain interested and could prove to be an area dip buyers may be drawn to for an approach to the $26.95 high formed on 8 March. On the flip side, voyaging below $24.56-$25.00 implies further selling could be on the table for silver, targeting trendline resistance-turned-support taken from the high of $30.14.
With the above in mind, the decision point at $24.56-$25.00 may be of interest this week and, for me, at least, will be a key zone to determine subsequent price movement.
Following a 15.0% gain in March, MTD, April is 5.0% higher. The question, therefore, is whether bulls have enough gas in the tank to take on higher levels after refreshing YTD pinnacles on Friday just north of $26.00.
Regarding trend direction, it is plain to see that there is a clear upside bias in this market right now. However, while the trend faces northbound and we’re crossing swords with yearly highs, resistance made a show at the tail end of last week at $25.85, and Friday snapped a three-day winning streak by way of a dominant bearish outside day. Adding to this, I see that the upper Bollinger Band (2 standard deviations) put in an appearance, and the Relative Strength Index (RSI) recorded an overbought signal.
As you can see, to the downside, a daily decision point at $24.56-$25.00 resides nearby, which will be a key watch for me this week. Recoiling from the noted zone would tell me that buyers remain interested and could prove to be an area dip buyers may be drawn to for an approach to the $26.95 high formed on 8 March. On the flip side, voyaging below $24.56-$25.00 implies further selling could be on the table for silver, targeting trendline resistance-turned-support taken from the high of $30.14.
With the above in mind, the decision point at $24.56-$25.00 may be of interest this week and, for me, at least, will be a key zone to determine subsequent price movement.
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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.