FX.co ★ SILVER Intraday Technical Analysis

Silver is approaching the lower limit of its medium term bullish channel at 33.70 suggesting a rebound. However, breaking through these levels will release large potential and entail a bearish channel.

Technical indicators provide sell-signals but until that the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market indicates a bullish opportunity at the levels of 33.70 with the 1st objective of 34.20, then 34.40. A break though 33.50 will invalidate this scenario.