Silver Short-Term Analysis for 08/11/2024
Disclaimer: This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
The 4-hour XAGUSD chart exhibits a bearish trend, with the Relative Strength Index (RSI) indicating a slight oversold condition.
Key Levels:
POC (Daily Point of Control): 30.59
Order Block (Lower Target): 28.90 - 28.72
Resistance: 32.74
Local Support: 30.12
Trading Bias:
The price is retesting the strong support level at 31.47. If it holds, the price may move upward to 32.75 (POC). Conversely:
A break below 30.12 (local low) could send the price to 30.80 (previous low).
If 30.81 holds as support, the trend may turn more bearish, potentially dipping to 28.92 - 28.72.
https://www.tradingview.com/x/5caw4KnE/
Time Frame: 4-hour
Market Analysis:
The 4-hour XAGUSD chart exhibits a bearish trend, with the Relative Strength Index (RSI) indicating a slight oversold condition.
Key Levels:
POC (Daily Point of Control): 30.59
Order Block (Lower Target): 28.90 - 28.72
Resistance: 32.74
Local Support: 30.12
Trading Bias:
The price is retesting the strong support level at 31.47. If it holds, the price may move upward to 32.75 (POC). Conversely:
A break below 30.12 (local low) could send the price to 30.80 (previous low).
If 30.81 holds as support, the trend may turn more bearish, potentially dipping to 28.92 - 28.72.
https://www.tradingview.com/x/5caw4KnE/
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.