FX.co ★ SILVER Intraday Technical Analysis

Silver is currently testing the upper limit of its medium term bullish channel in 35.70 and seems to initiate a decline. However, a breakdown of these levels will reveal a significant potential and boost the bullish trend.

Technical indicators do not provide signals for Sell-deals but their presence within the overbuy zone points at possible decline that is likely to take place soon. For the last days Bollinger bands have significantly tightened showing a decline in volatility and the imminence of a violent movement.

According to the previous events, the market indicates a bullish opportunity as soon as the silver will has broken its resistance level in 35.70 with the 1st objective seen at 36.30 and further at 36.5