FX.co ★ SILVER Intraday Technical Analysis

Silver is currently testing the intermediate resistance of its medium term bearish channel at 32.40 suggesting a decline. Nevertheless, breaking through these levels will allow it to reach the upper limit of its channel at 33.40.

Technical indicators do not provide clear signals but until the resistance has not been broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of the strong decline that happens these days. Stabilization is expected in the short term.

According to previous events, the market will show a bullish opportunity as soon as silver has broken its resistance at 32.40 with the 1st objective of 32.90, then 33.10. A break through 32.20 will invalidate this scenario.