FX.co ★ SILVER Intraday Technical Analysis

Silver is currently testing the intermediate resistance of its medium term bearish channel in 31.90 pointing at possible decline. However, a breakdown of these levels will open the way to the upper limit of its channel - 32.40.

Technical indicators do not provide clear signals but as the resistance level remains unbroken, the assumption of a decline is relevant. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the silver will has broken its resistance in 31.90 with points 32.40 and 32.60 seen as first objectives. A breakdown of the 31.70 level will cancell this scenario.