FX.co ★ SILVER Intraday Technical Analysis

Silver has broken the intermediate resistance of its medium term bullish channel in 32.10 resulting in acceleration. A pull back on these levels is expected before the silver will have reached the upper limit of its channel to 33.40.

Technical indicators provide signals for Buy-deals confirming the assumption of a pull back in the short term. 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 levels 32.10 with1st objective seen at 32.70 and 32.90 levels. A breakdown in 31.90 will reverse this scenario.