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Silver Prices Technically Consolidate Ahead of Next Breakout

Silver Prices Technically Consolidate Ahead of Next Breakout

Walker England, Forex Trading Instructor


Talking Points:

Silver prices continue to consolidate, and have failed so far to put in a significant daily high or low for the week. Technical traders should note that daily resistance for the price of Silver can currently be found under last Thursday’s daily high of $17.82. Alternatively, support for the commodity may be found at Friday’s daily low of $17.09. If Silver prices break below this low, it may suggest a continuation of the commodities intermediate downtrend. Alternatively, a break to new highs suggests a possible retracement of October’s previous declines.

Silver Prices, 1 Day with Support & Resistance

(Created using TradingView Charts)

Technically, Silver prices are currently trading near intraday resistance near $17.52. If prices remain below this value, it may suggest that Silver may turn back towards values of support. The next critical value of intraday support may be found near the S3 Camarilla pivot, at a price of $17.29. If prices remain supported above S3, and fail to breakout lower, traders may view the Silver market as range bound for the remainder of today’s trading session. It should be noted that intraday bearish breakouts might be signaled beneath the S4 pivot, at $17.17. A dip below this price opens Silver to test the daily value of support mentioned above. Alternatively, bullish breakouts may be signaled above $17.63. In this scenario, an intraday bullish breakout opens Silver to test daily resistance at $17.82.

Silver Prices, 30 minute with Intraday Support & Resistance

(Created using TradingView Charts)

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.