SILVER : IN DANGER
- Prices have been trading sideways, between $25,600 and $20,655 since April 2023, the long-term trend is therefore neutral.
- Recently, the market experienced a new rejection below its upper limit at 25,580, leading prices to a break-out of their bullish trend line (blue dotted lines) which had supported sentiment since the last rebound recorded in October 2023.
This break-out of the medium-term bullish trend was confirmed by the RSI indicator now back in the selling zone.
The Bollinger Bands are moving apart as their median spreads downward, demonstrating an increase in short-term variability within a directional movement.
- Even if it remains difficult to envisage silver prices continuing to trend downward given the announced weakness of the US Dollar due to expectations of a dovish change in monetary policy in the United States, the situation remains technically worrying for the asset.
The preferred scenario remains that of the continuation of the bearish correction, with supports possibly being found around $22.65, $21.78 then $20.65 by extension.
However, a return of the market above $23.64 could invalidate this scenario.
business to follow.
- Recently, the market experienced a new rejection below its upper limit at 25,580, leading prices to a break-out of their bullish trend line (blue dotted lines) which had supported sentiment since the last rebound recorded in October 2023.
This break-out of the medium-term bullish trend was confirmed by the RSI indicator now back in the selling zone.
The Bollinger Bands are moving apart as their median spreads downward, demonstrating an increase in short-term variability within a directional movement.
- Even if it remains difficult to envisage silver prices continuing to trend downward given the announced weakness of the US Dollar due to expectations of a dovish change in monetary policy in the United States, the situation remains technically worrying for the asset.
The preferred scenario remains that of the continuation of the bearish correction, with supports possibly being found around $22.65, $21.78 then $20.65 by extension.
However, a return of the market above $23.64 could invalidate this scenario.
business to follow.
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