FX.co - Analysis of Silver for July 26,.2023 - Rejection of the resistance

26 July 2023 at 11:40AM (UTC+0)

Relevance until27 July 2023 at 11:40AM (UTC+0)

Technical analysis:

Analysis of Silver for July 26,.2023 - Rejection of the resistance

Silver has been trading upside this morning but I found rejection of the resistance at $24.66, which is good sign for the potential drop.

Due to the downside trend in the last few days and the rejection of the resistance, I see potential for the further drop towards lower reference.

Downside objectives are set at the price of $24.42 and $24.25

Stochastic oscillator is showing overbought condition and fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $24.66

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Silver for July 26,.2023 - Rejection of the resistance