Silver is undergoing a potential trend change. The previous yellow uptrend channel has been broken, and a new, nearly flat-slightly downward channel (marked by blue lines) appears to be forming. While it may be too early to confirm this as an established trend, the structure is developing with increasing clarity.
Silver is now at a crossroads. The former trendline is being retested, and just above it lies a confluence of resistance: a previous demand zone and the 200-day moving average. These former support levels have now merged into a strong resistance area.
Unless this resistance zone is broken, downward pressure is likely to persist. However, a breakout could open the door for a medium-term move toward the 34 level.
Please check gold/silver chart for longer term understanding:
Silver is now at a crossroads. The former trendline is being retested, and just above it lies a confluence of resistance: a previous demand zone and the 200-day moving average. These former support levels have now merged into a strong resistance area.
Unless this resistance zone is broken, downward pressure is likely to persist. However, a breakout could open the door for a medium-term move toward the 34 level.
Please check gold/silver chart for longer term understanding:
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Silver is feeling the gravity of gold, trying to take a step over 200 day moving average.
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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.