Analyzing Silver’s Technical Trends: Weekly and Daily Charts
Silver Technical Analysis: Weekly Chart
Assessing Silver’s Weekly Trends
When examining the weekly chart, the following observations can be made:
- Downward Trading Channel: Silver is currently trading within a downward channel.
- SMA Positioning: The price of silver is situated below all Simple Moving Averages (SMA).
- RSI and Stochastic Indicators: RSI suggests bullishness, while Stochastic indicates a downward trend.
- Support and Resistance Levels: Immediate support is at 23.27, with resistance at 23.86.
Silver’s Weekly Momentum and Support Levels
On the weekly chart, silver gained momentum and experienced an upward movement until it reached a resistance level. Subsequently, the price started to decline. Currently, silver is trading lower and approaching a key support level. If this support level is breached, further downside movement is possible.
Silver Technical Analysis: Daily Chart
Evaluating Silver’s Daily Trends
Analyzing the daily chart of silver reveals the following insights:
- Downward Trading Channel: Silver is currently trading within a downward channel.
- SMA Positioning: The price of silver is below all Simple Moving Averages (SMA).
- RSI and Stochastic Indicators: RSI indicates bullishness, while Stochastic suggests a downward trend.
- Support and Resistance Levels: Immediate support lies at 23.22, with resistance at 23.66.
Silver’s Daily Price Action and Crucial Support Zone
On the daily chart, silver witnessed a significant surge in price, but it later reversed direction and began to decline. Despite attempts to regain positive momentum, the price was unsuccessful, leading to further downward movement. Presently, silver is trading at a crucial support zone. If this zone is breached, additional downside potential may unfold.
Trade Suggestion: Sell Silver
Based on the technical analysis, consider the following trade suggestion:
- Sell at 23.23
- Take Profit at 22.50
- Stop Loss at 23.83
By staying updated on the technical trends and carefully considering the trade suggestion, you can make well-informed decisions when trading silver.
